Social economy and social responsibility: alternatives to global anarchy of neoliberalism?

Abstract

PurposeThis paper aims to point out a way to overcome the circumstances that arose out of the global neoliberal system. It is argued that this is possible when all relevant actors in society cooperate and that a change in a way of thinking in the private sector needs to come from within.Design/methodology/approachThe paper searches the alternative to neoliberalism in the social economy and responsibility paradigms by examining their theoretical and normative standpoints linking them to practical views.FindingsThe paper argues that the solution to the hegemonic neoliberalism is the new model of social economy which can be put in force only by simultaneous cooperation of all key actors in a society, and especially a driving force behind the existing economic system – the for‐profit sector. Lately it seems that its actors have, indeed, more actively take over their role within social economy, acknowledging the importance of the socially responsible behaviour.Originality/valueThe paper introduces a four‐leaf clover model of social economy actors and integrates the social economy paradigm with the notion of social responsibility of the for‐profit sector.