Assignment on Importance of Social Economy

Course Code: ECO 443

Course Name: Social Mobilization, Rural Banking and Community
Organization
Section: 01

Submitted To:
Professor Bijoy P. Barua
Department of Economics

Submitted by:
Zannatul Fardoshy
ID: 2019-3-30-017

Submission Date:
11th October 2023
 Why is the Social Economy Important?

The social economy is really important for a few key reasons. First, it helps make sure that
everyone, including people who might be struggling, can be a part of the economy. Social
businesses and cooperatives care about their workers and local communities. They pay fair
wages, treat everyone fairly, and use their profits to tackle important issues in society. This not
only helps to make incomes more equal but also improves the lives of people involved. Another
big thing is that the social economy is good for the environment. Many of these businesses are
kind to the planet by using eco-friendly methods and encouraging responsible buying, which
means they help the Earth as they grow.

The social economy is also a source of new ideas and solutions to tricky social problems. Instead
of just caring about money, social businesses care about three things: people, the planet, and
profits. This pushes them to come up with creative ways to tackle things like poverty,
joblessness, and environmental damage. Social entrepreneurs often lead the way in inventing
fresh business models that use commerce to create positive changes. They challenge the old way
of only caring about money and inspire others to be more ethical and sustainable in their business
practices. So, the social economy is like a foundation for a fairer, kinder, and more sustainable
future.