Thursday, August 30, 2012

Should Poverty Alleviation be part of Multinationals' Corporate Responsibility? in Global Compact International Yearbook 2012, Maconda (2012) 54-57

After a Gap of 20 years, Rio de Janeiro will again be hosting the United Nations Conference on Sustainable Development, also known as Rio+20. In 1992, at the Earth Summit (Eco-92), Latin America was getting out of the so-called lost decade, following the debt crisis of the 1980s. The economy was growing slowly, inflation was high, and high levels of external debt reduced investments in infrastructure. Over the last 20 years, Brazil has become the sixth largest economy in the world. Today, there is economic stability, low inflation, and almost 40 million Latin Americans have come out of poverty in the last years. Even the global financial crisis has had mild effects on the region. The private sector has emerged stronger and has played a key role in the recent Latin American success story. However, despite the growth, social problems persist. Rio+20 provides a wonderful opportunity for the private sector to showcase both its business success and efforts to alleviate poverty and promote green energy.