Globalization and Sustainable Development: A Conceptual Model

Abstract

The purpose of this paper is to argue conceptually, that globalization entails challenges, opportunities and realities. It integrates and extends existing theory, focusing on the three pillars of sustainable development into a general framework presenting the fundamental importance of sustainable development strategies in a globalized world. Moreover, the objective of this paper is to develop a conceptual framework for globalization and how development can be sustained. A critical review of the multidisciplinary literature on globalization and sustainable development reveals a lack of a comprehensive theoretical framework for understanding sustainable development and accompanying strategies for sustaining development. Through a schematic representation of the relationships of the three pillars of sustainable development the paper concludes that a lasting solution to the impact of globalization on sustainable development can be crafted when current debate shifts from theory to the development of strategies to sustain development. The model if empirically evaluated, could serve as a blue print to guide policy and global discourse on how to achieve sustainable development; particularly so in developing economies.

DOI: 10.5901/mjss.2015.v6n4s3p341