From Economic Wealth to Multidimensional Sustainable Wealth: A New Business Management Model

Abstract

Over the past two centuries, global economic activity has experienced unprecedented growth, largely measured through indicators such as Gross Domestic Product (GDP) and shareholder value. While this expansion reflects significant wealth creation, it has been accompanied by persistent social inequality and accelerated environmental degradation. This paradox reveals a fundamental limitation in the prevailing one-dimensional understanding of value, which prioritises economic outcomes while underrepresenting broader societal and ecological impacts. In response, this paper critically examines the conceptual boundaries of dominant frameworks, including Sustainable Business Models (SBM) and Environmental, Social and Governance (ESG) approaches. Although these perspectives represent important advances, they often remain fragmented, instrumentally applied, or insufficiently integrated into a coherent theory of value creation. This gap underscores the need for a more comprehensive and systemic approach to business management. Building on a qualitative, hermeneutic-interpretative methodology grounded in theoretical research and documentary analysis, we propose the concept of Multidimensional Sustainable Wealth (MSW) and develop a corresponding business management model. The proposed framework reconceptualises wealth as a multidimensional construct that integrates economic, human, functional, contextual and transcendental dimensions. This systemic articulation enables a more holistic understanding of how organisations generate and sustain value over time, particularly in complex and interdependent environments. Rather than treating profitability, responsibility and sustainability as separate domains, the model conceptualises them as mutually reinforcing dimensions of organisational purpose, performance and long-term legitimacy. The main contribution of this study is twofold. First, it advances the theoretical discourse by redefining the notion of wealth beyond traditional economic metrics. Second, it offers a structured conceptual model that positions the firm as a central agent in fostering sustainable and ethically grounded value creation, aligned with the principles of Corporate Social Responsibility (CSR). By reframing the purpose and scope of business management, this work provides a foundation for future empirical research and practical applications aimed at achieving a more balanced relationship between profitability, societal well-being and environmental sustainability.