The dynamics of business the world across is changing. An important aspect of business that academic researchers are interested is the role and representation of Corporate Social Responsibility (CSR) with regards to the society. Companies have adopted new attitudes and activities in the way they identify, evaluate and respond to social expectations. Society is no longer treated as a ‘given’, but as critical to business success. Companies believe that favourable evaluations by consumers, employees and investors will improve business performance. Development in recent decades has seen CSR expand from simple self-regulation by companies to a combination of self and social regulation (e.g. by civil society, government, international agencies). The doctrine of CSR has evolved from being "fundamentally subversive” (Milton Friedman, 1970) to one that promotes expanded social stewardship by businesses and organizations. Today, CSR has become central to the operations of many of the best companies. Companies have modified their strategies and operations to take into account a vast array of governmental regulations, stakeholder interests, and evolving societal expectations. The most important business drivers for the implementation of more socially and environmentally responsible business practices are cost management, customer demand and ‘because it’s the right thing to do’ (Grand Thornton International Business Report 2014).

India’s commercial history is characterized by deep traditions of social responsibility since the Vedic periods, (Sundar, 2000). Indian society has had an ethos of giving, instilled through cultural and religious traditions and practices, with concepts of dharma and sustainability ingrained in the collective psyche of Indian commercial communities. CSR back then was driven mainly by religion in the form of Zakat in Islam, Dharmada in Hinduism or Tithe in Christianity. Over the centuries, this strong tradition of charity in almost all the business communities of India has acquired a secular character. During India’s freedom struggle, Mahatma Gandhi’s theory of trusteeship of wealth, convinced many business houses to contribute towards the national movement and also many of the social and cultural causes. They contributed liberally to his programmes for the removal of untouchability, women’s emancipation and rural reconstruction.

In the last decade, CSR has rapidly evolved in India with companies focusing on strategic CSR initiatives to contribute towards nation building. Companies have gradually started focusing on need-based initiatives aligned with the national priorities such as public health, education, livelihoods, water conservation and natural resource management. With the 2014 revision of the Companies Act, India has become the first country to have made CSR mandatory and this has opened up countless new avenues as to how CSR is viewed and practised in India. Arguably this new law distinguishes the CSR scenario in India from that of the other countries across the globe.

The new CSR law requires companies to set up a CSR Board Committee, allocate 2% of net profits in the last three years to CSR, and be reviewed at the end of each financial year by the board’s director to ensure compliance. The law applies to every company which either has a net worth of Rs 500 crore or a turnover of Rs 1,000 crore or net profit of Rs 5 crore.

The need to have robust public-private partnerships to engineer social change in a growing economy like India is highly pertinent and important. Indian Companies, rather than limiting themselves to corporate philanthropy should embrace strategic CSR. Not only will the society benefit from CSR in its intended way, but there could also be some very real benefits for the companies as well. With India being the first country to enact a CSR law, its real impact – direct or indirect – is yet unknown. But this law, provides an opportunity for leading companies to influence the way the CSR mandate is interpreted and with immense opportunity in the untapped Indian markets, this can only lead to a positive impact.

The stage is set for the world to have a new leading economy, and several nations are in the race for this glowing crown. The shocking entry to this race in 2010 was made by the trans-continental nation of Turkey, and its shine was inevitable.

Turkey’s geographical location is one of its most appealing features. It lies at the junction of Europe, Asia and the Middle East with a total land area of 78 million hectares and a population of more than 71 million. This strategic geographical location, combined with massive domestic market and stable macroeconomic policy has enabled it to become the 18th largest economy in the world in terms of GDP and a G-20 member. Turkey offers one of the highest risk-reward ratios to foreign investors and is now recognized as an economy with very high potential. Turkey also plays an important role as an energy transit country — oil and gas supplies from Russia, the Caspian region and the Middle East travel through Turkey to Europe. More than three-quarters of Turkey’s energy resources are to be found in the south and east of the country.

Turkey’s economy has performed strongly over the last decade. This success is underpinned by structural reforms; 11 years of political stability; fiscal discipline; a well-regulated banking and financial system that has learnt from a severe financial crisis earlier than the rest of the world; a labor force that is highly educated but less costly than those in mature markets; and quick access by road, air and sea to the large markets of Europe and the Middle East. The success of these reforms is reflected in Turkey’s solid macroeconomic fundamentals. These features have helped the country weather the current global financial crisis and the troubles in the Euro zone. So Turkey has been rising as much as the rest of the world has stumbled.

Over the past decade, the Government has been focusing on reducing both inflation and the budget deficit. Huge strides have been taken to bring inflation under control. It has fallen from around 25% in the early 2000s to an average of 8.9% in 2012. The Government has also made good progress in reducing the budget deficit, which is down to just 2.1% of GDP in 2012. Global credit agency S&P upgraded Turkey's sovereign credit rating in March 2013, reflecting Turkey's economic resilience and dynamic economy. The state is among the world’s leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment. Turkey has made many reforms to its already well-developed infrastructure sector to meet the requirements of the EU and continues to invest in its infrastructure.

The world has realized that the concept of emerging markets is not limited to the four large BRIC economies — Brazil, Russia, India and China. Turkey, along with others such as Indonesia, Vietnam and Mexico, has all the fundamental economic characteristics to lead the next wave of rapid-growth markets. Better governance, transparency, and policy strength have all contributed in making Turkey inch ahead of the BRIC nations. The country has the opportunity to capitalise on a growing, skilled labour force to sustain long-term economic growth. As an emerging economy, Turkey offers opportunities in many sectors. These include, among others, renewable energy, automotive, ICT, petrochemicals, iron and steel, real estate and finance. Energy is set to be a key driver of Turkey’s growth. Turkey’s proximity to a number of new gas sources, such as Iraq and Azerbaijan, and its location as host to nearly all proposed gas pipelines between the EU, the Middle East and Central Asia, make it an attractive market for power generation.

The research paper will explore Turkey’s history (economic and political), reforms initiated by the Government contributing to steadfast improvements in public spending and challenges that lie ahead for the economy.

A predominantly Muslim democracy and the only one in the Middle East, Turkey has begun to rise from its century long slumber, it has stepped out of the shadows towards a journey that is going to re-write history. The state that ran a world empire is once again on its way to shape the world.

Sixty-five years ago, India was posed with one pressing question Will it survive? And now, India stands to answer the question – Will it become a superpower? Can India who spends only 6% of its GDP on healthcare ever become a superpower? Can India who is the 4th largest drug producer in the world ever become a superpower even though 2/3rd of its population lack access to essential drugs?

There are three issues at hand; issues that open up questions on accessibility, utilisation and quality of health care in India. First, with increasing life expectancy, the epidemiological transition points towards greater incidence of lifestyle diseases and a continuing serious problem of communicable and preventable diseases.

From becoming a hub of medical tourism to having a sizable population deprived of basic healthcare, from bulging bellies in urban areas to stunted growth among kids across rural belts (42% of India’s children below the age of three are malnourished) — the country remains a study in health contrasts. India also has the dubious tag of having the highest child mortality rate in the world in sheer numbers (Approximately 1.72 million children die each year before turning one). Communicable diseases not only continue to be the single largest cause of mortality but prevalence of many diseases like tuberculosis and malaria has increased and diseases like AIDS, leptospirosis, dengue etc. have got added to the list. According to the WHO, India has the largest number of Diabetics in the world today, and is estimated to have 30 million diabetics by 2020. There is also increasing incidences of lifestyle diseases like Cardio-vascular diseases.

Second, there is a lot of variation in the health infrastructure available. The public provisioning of health care is a state subject in the country. India has the largest number of medical colleges in the world, over 5000 in number and the system produces among the largest numbers of doctors in the developing world, around three times that of China. These doctors work in the best hospitals across the globe, and are considered among the best in the world. Hospitalisation rates among the well-off are six times higher than rates among the poor. This country gets ‘Medical tourists’ from many developed countries reflecting the high standard of medical skill and expertise available. They seek care in its state-of-the-art hospitals, which compare with the best in the world. At the same time, rural India is suffering from a long-standing healthcare problem. Studies have shown that only one trained healthcare provider including a doctor with any degree is available per sixteen villages. Although more than 70 per cent of its population lives in the village, only 20 per cent of India’s hospital beds are located in rural areas.

Third, India is an exception across countries in that nearly four-fifths of its health care expenditure is out-of pocket. Out of the 6% of GDP spent on healthcare, 4.25% is Private Healthcare Expenditure while the rest (1.75%) is Government Funding. Although people spend a lot on healthcare (the poorest spend one-eighth of their total income on healthcare), the government expenditure is much less. Coupled with the burgeoning growth of unregulated private sector caregivers, this has serious implications. However, the most important among them is the one, which are the concerns of the poor and the sick. Taking loans or selling assets pays for two out of five hospitalisation episodes. The proportion of people who are unable to access any form of treatment due to inability to pay is quite large and increasing.

India faces enormous challenges as it builds its healthcare system to meet the rapidly growing needs and desires of a growing middle-class that will increasingly want, expect, and ultimately demand, world-class healthcare. A few questions need to be answered at this juncture: Does the Healthcare System in India stand as a signatory to the possibility of India emerging as the next superpower? Will the Indian Healthcare Industry’s contribution ever be sufficient enough to realize the Indian Dream of becoming a superpower? Will it ever manifest into reality or will it just remain a dream?

The United Republic of Tanzania is a large country with an area of approximately 945,100 sq. km. and a population of approximately 31 million. Situated in East Africa, it is bordered by Kenya and Uganda to the north, Rwanda, Burundi and the Democratic Republic of the Congo to the west, and Zambia, Malawi and Mozambique to the south. It enjoys a huge sea coast which serves as the link to the landlocked neighbours. It comprises of 26 regions, including those of the autonomous region of Zanzibar. Dodoma is the capital while the main coastal city of Dar es Salaam serves as the principal commercial city of Tanzania and the de-facto seat of most government institutions. With a GDP per capita of approximately US$220 (1997), ranking it among the lowest in the world. Tanzania averaged 7% GDP growth per year between 2000 and 2008 on strong gold production and tourism.

Just like any other upcoming economy, Tanzania depends greatly on its agricultural sector. Accounting for more around 60% of GDP & providing 85% of exports, this sector employs about 80% of the available labour force.

Favourable climatic conditions in a number of regions provide opportunities for large-scale commercial farming of various cash crops. Investment opportunities include the provision of cold storage facilities and air-cargo transport to foreign markets. With these untapped growth opportunities, agriculture offers very lucrative investment prospects.

Apart from the agriculture sector, the industrial sector of the Tanzanian economy depends greatly on the mining sector. The mining sector has now become an important player in the growth and consequent holistic development of the Tanzanian economy. Tanzania is the third largest producer of gold in Africa. It can also boast about maintaining the world’s only reserves of Tanzanite; a precious gemstone. The presence of private players in this sector is very insignificant. With abundant natural resources, the only missing thing is the capital and the technical expertise of the private investors. There is tremendous scope for public private partnership in this area.

With huge potential in agro industries & heavy industrialization, the infrastructure sector has a crucial role to play. The Tanzanian Government is working to enhance the transport network to avoid logistical bottlenecks that may hinder the current growth cycle. Growth potential exists in areas such as specialized railway maintenance and construction of extended railway lines through BOT. Adequate power generation & effective electricity distribution forms an integral part of quality infrastructure. Tanzania has ample resources for power generation including hydro, gas, coal, oil and bio fuels. Other abundant, but untapped indigenous energy resources include uranium, solar, wind and geothermal energy.

IMF and World Bank reports regard Tanzania as one of the countries with the highest growth potential in Africa & see it as a potential investment destination. It can capitalize on its investment security, macro-economic stability, favorable geographical location and abundant natural resources to become the numero-uno investment destination in Africa and gain the confidence of investors and world-class bankers. Sustained growth that capitalizes on Tanzania’s recent macroeconomic stability and structural reforms will increasingly depend on the economy’s capacity for innovation—that is, the capacity to produce of a wider array of goods and services, accelerate the pace of technological change, and integrate with the global economy. Enhancing this capacity will require investment in human resource development, strengthening of the innovation environment, and strengthening of Tanzania’s information and communication technology infrastructure.

The TIME magazine cover page on 13th October, 2008 rewinds back to the gloomy days of the 1929 crash. Nearly 75 years from the Great Depression, a financial meltdown shook the very foundations of the capitalist world. TIME magazine called it the ‘Great Depression 2.0’ and the magnitude of this impact led many to believe that we enter into the era of ‘The End of Prosperity.

During 2008 and 2009 the global economy was rocked by soaring food and fuel prices, the collapse of global financial markets, and a severe contraction in world economic demand. Global economic growth declined from 5.2 per cent in 2007 to a forecast -1.1 per cent in 2009. The crisis also caused a significant change in the prospects of developing countries.

Declines in foreign direct investment, export revenue (including tourism revenues) and remittances impeded economic growth and employment in developing countries. The immediate cause or trigger of the crisis was the bursting of the United States housing bubble which peaked in approximately 2005–2006. The foreclosures and defaults that followed put the entire global economy in one of the most dreaded recessions in recent history. Asia and Europe have been close partners of the United States, and they too had to bear the brunt of the recession.


IMPACT ON THE ECONOMY OF THE PHILIPPINES:
The Philippines economy is not new to recession, but has been a victim of recession right since World War II when it was Asia’s richest countries after Japan. Post the Asian Financial Crisis of 1997, Philippines faced a very tough time, but was better than some other Asian nations like Taiwan and Thailand. Its economy performed significantly better post the Asian Crisis, but the US mortgage crisis once again exposed the vulnerability of the Philippines economy. Though it has recovered significantly better and sooner, the repetitive recessionary cycles pose a constant threat to the survival of the economy. Low dependence on local industrial sector which has been lagging compared to other developing economies and excessive dependence on foreign remittances from the Filipino workers, has hindered the resilience of the economy.

But, the main crux of the problem giving an impetus to the already decelerating economy was the corruption and poor vision of its leaders, making it lag behind many other Asian counterparts. Like many other emerging markets, the Philippine economy slowed down considerably in 2008. The GDP growth rate in 2008 fell to 3.8 percent, compared to 7.1 percent in 2007. However, the slowdown was not primarily a result of the global financial crisis. Rather, the deceleration in the Philippine economy was largely brought about by a surge in inflation triggered by the sharp rise in food and fuel prices and to a lesser extent the US recession.


POLICY RESPONSES BY THE GOVERNEMENT OF PHILIPPINES:
The Philippine Government, through the Department of Finance and National Economic and Development Authority (NEDA), crafted a PhP 330-billion fiscal package, formally known as the Economic Resiliency Plan (ERP) to respond to the global crisis. The ERP is geared towards stimulating the economy through a mix of government spending, tax cuts, and public-private partnership projects. The implementation of ERP is spearheaded by NEDA with the following specific aims:
> To ensure sustainable growth, attaining the higher end of the growth rates;
> To save and create as many jobs as possible;
> To protect the most vulnerable sectors: the poorest of the poor, returning OFWs, and workers in export industries;
> To ensure low and stable prices to support consumer spending; and
> To enhance competitiveness in preparation for the global rebound

It is in such crucial times that overall restructuring of the Philippines economy from vulnerable to resilient must be undertaken and also the foundations need to be laid for Philippines to become a developed economy. As the global recovery begins to gather momentum, it will become increasingly clear as to which economies will be the next centers of prosperity for the next few decades and whether Philippines will manage to be one of those economies.

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