The Wellbeing Enterprise for Sustainability: Theory, Tenets, Testing

There is almost a unanimous consensus today that management must be sustainable due to the evolutions of the natural and human environments. Management based on the concept of Homo economicus since Adam Smith has led to an impasse. Therefore, the adoption of a new paradigm is needed where the ‘maximization of wellbeing’ replaces the ‘maximization of profit’ to ensure sustainable development, the preservation of the natural environment and the improvement of the living conditions of populations. In this perspective, this chapter first explores the philosophical foundations of the wellbeing enterprise finding inspiration in Plato, Aristotle, the Buddha and Confucius. Second, it lays down the tenets of the wellbeing enterprise. Third, it tests the application of the philosophy and concept of wellbeing enterprise through an investigation of two samples of Vietnamese companies. This study shows that the philosophical teachings of Plato, Aristotle, the Buddha and Confucius can give a basis for building a management embodied in the concept of ‘wellbeing enterprise’. The cases of Vietnamese companies, a country with an extraordinary economic growth over the last twenty years but particularly impacted by changes in the natural environment, show that that awareness of the perils for the environment and populations is growing and that a sizeable number of companies are engaged in sustainable strategies and policies, but with striking differences between large public companies and small and medium-sized ‘family companies’ where little is done yet due to lack of knowledge, understanding and resources.