Describe the core framework that is used for analysis in this course.

Please use any examples from

the several cases discussed in class to help clearly explain your arguments.

History and almost all spheres of human life are riddled with triads, from the nuclear arsenal to the frontline
of famous football teams. The Holy Trinity in question here ˗ business, government, and society ˗ are
intertwined in their functioning to create a perceived sense of order in the way the world operates. The
interaction between these three elements basically determines how prosperous and developed a nation is,
and hence have been awarded due importance throughout the duration of this course.

None of the mentioned elements is exclusive of any of the other. A business venture will almost always
have an angle to it that links it with the society it functions in, and to the existing regional or national
governmental set-up. Society determines the nature of availability of labour, the literacy and skill levels,
and sometimes even decides the viability of a certain type of business in an area. As the authors have posited
in an earlier report, that Maharashtra has a high women labour force participation rate, a prudent garment
manufacturer should look to set up shop in that region since the industry in question is required to employ
a significant number of women. The local government also has a significant role to play in that it stipulates
the regulations under which the businesses operate. The role of the government is of paramount importance
and its degree of involvement in such matters is always a question at the forefront. Similarly, the
government-society interaction is also significant. The government must actively look after the welfare of
the labour force and ensure minimum wage and protection from exploitation.

Breaking down each element, we find that the basic role the government plays is to strike a balance between
the needs of the other two parties. The Tata Nano plant fiasco at Singur, West Bengal, is a prime example
of the balance being particularly skewed towards one end of the spectrum and the perceived government
apathy towards it. The incumbent implemented the principle of eminent domain to acquire land for the
project but did not settle the grievances of the farmers who felt they were inadequately compensated. The
ensuing events, as is known to all and sundry, assumed historic importance and ultimately led to the
withdrawal of Tata Motors from the project.

The government also needs to decide its level of involvement in various sectors. For critical areas such as
health and education, the private-public interaction assumes importance. Privatisation would improve
quality standards but would also bring in exploitative costs that the masses would not be able to bear. On
the other hand, keeping the sectors solely restricted to the public would make them affordable yet grossly
inefficient, especially in an emerging nation as India.

Accountability on the part of businesses has traditionally been a circumvented issue, but no longer. With
listed businesses being mandated to set aside a certain percentage of their revenues or profits for corporate
social responsibility, an attempt is being made to address a long ignored social pain point. No more is the
ruthless eviction of tribal communities allowed without negative repercussions for the business. No more
can a chemical company get away with gross negligence that took the lives of thousands of people.
Companies such as Jain Irrigation are trying to create a world for the better by actively participating in the
upliftment of the social and economic statuses of its labour force.

Often in the pursuit of business ventures, the other angles are forgotten. It is only when something goes
awry that they are brought into consideration. The judicious would know better than to ignore this.