Journal on social business launched

Hossain Zillur Rahman, centre, former caretaker government adviser, launches the Journal of Social Business at National Press Club in Dhaka yesterday. Baqui Khalily, left, professor of finance at Dhaka University, and Zasheem Ahmed, right, managing editor of the journal, are also seen.Photo: STAR

A journal on social business involving new developments in economic theories, and effective practices and public policies to deal with poverty was launched yesterday.
Former caretaker government adviser Hossain Zillur Rahman launched the quarterly, The Journal of Social Business, published in Scotland, at a ceremony at National Press Club in the city.
Social business is a non-loss, non-dividend enterprise -- dedicated entirely to achieving a social goal -- where an investor aims to help others without taking any financial gain for him or herself, according to Nobel laureate Professor Muhammad Yunus.
At the same time, the social business generates enough income to cover its own costs; any surplus is invested in expansion of the business or for increased benefits to society.
Rahman said the ethical practices in businesses have almost been forgotten over the years. "Through the social business model, Prof Yunus has brought the issue in front of the world again."
"Prof Yunus has played an important role in popularising the model. Now we have to use it to give the economy a solid foundation."
Baqui Khalily, a professor of finance at Dhaka University, said the initiative to publish a journal on social business is praiseworthy, as academic discipline on the subject has already been opened across the world.
Zasheem Ahmed, managing editor of the journal, said: "The global economic crisis, food crisis and energy crisis have forced us to think about the traditional economic theories anew."
He said the launch of the new journal would be able to draw on new developments in theories of economics and business strategy, encourage scholarly research, but also lead to more effective practice and public policy in dealing with poverty.
Given that the social business entrepreneurship is an interestingly emerging global phenomenon, the journal will be prominently international in its realm by both scholarship and real experiences, said Ahmed, also the director of Centre for Development in Scotland.
Habibur Rahman, a professor at Dhaka University, said the non-loss, non-dividend social business theory has created a new momentum in the world, thanks to Prof Yunus.
The first issue includes articles from, from among others, Nobel laureate Prof Muhammad Yunus, Emeritus Adam Smith Professor Andrew Skinner and Prof John Struthers of University of the West of Scotland.
Its editors include Prof John Struthers, Dr Beatriz Armendariz of Harvard University, Dr Reiner Blank of Future Systems Consulting GmbH, Hamburg, Jonathan Robinson, founder of The Hub, London and Prof Graham Caie, University of Glasgow.
Poet Abdul Hye Sikder and Chris Macrae of Youth Futures and Network Mapmaker in Washington DC were also present at the launch.