The article presents literature overview of scientific insights into sustainable development concept highlighted by Ukrainian and foreign researches. The key idea is to investigate different approaches to the translation and interpretation of the “sustainable development” and “business sustainability” phenomenon elaborated by Ukrainian scientists and to compare them with definitions, presented by internationally recognized researches. Therefore, the purpose of this article is the following: to research the essence of “sustainable development” and “business sustainability” concepts and their explanation by leading international scientists; to compare the translation and interpretation of given terms by Ukrainian scholars; to argue the necessity to introduce into the scientific discourse the term “harmonious development of economic entities” as a category that fully reflects the essence and ideas of the “sustainable development” concept which suits enterprises needs.
In recent decades, the concept of “sustainable development” has become a defining discourse in the discussion concerning the developments of the world and national economies. However, the question of the adaptation of a given concept for businesses entities remains open. The first step to solve this issue is to understand the essence of the ideas “sustainable development” concept and to adopt it for enterprise’s needs. It is logically to start with term clarification. The point is that Ukrainian researches translate the term “sustainable development” in myriad ways, in particular as “steady development” or “consistent development” which is the simplification of words, but does not reflect the essence of the concept. In order to clarify the perception of a given concept, the author made a comparative analysis approaches to the interpretation of “sustainable development”, offered by Ukrainian researches. Such investigation shed the light upon the gaps in sustainable development definitions. As the result, it was suggested the Ukrainian term “harmonious development” (which is direct translation from Ukrainian into English), that reflects the main idea of sustainability concept for business entities. The current research will contribute to theoretical debate concerning adoption and profound understanding of given phenomenon by Ukrainian researchers. At the same time, the findings of the given study will be useful for practitioners in order to adopt relevant sustainability ideas into business practices.
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