Uta Stephan and Malcolm Patterson define PSC as the process of transforming patterns of thought, behavior, social relationships, institutions, and social structure to generate beneficial outcomes for individuals, communities, organizations, society, and/or the environment beyond the benefits for the instigators of such transformations.
Our societies face growing challenges in areas such as public health, education, social inequality, and environmental pollution. Market-based organizations can play an important role in addressing these challenges by stimulating transformational processes to advance societal well-being.
Popular management concepts such as “shared value”, “inclusive growth”, and “base of the pyramid” (BoP) markets reflect this potential and associate a range of organizational activities with PSC.
The tendency to introduce and hang on to distinct labels to demark the uniqueness of research areas hinders building cumulative knowledge on market-based activity and PSC across these different research streams.
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