Advancing Sustainability of Social Entrepreneurship and the Social Economy: The Jamaican Experience

Social Entrepreneurship addresses the failings of the traditional economy through their operations within the social economy. This is evident in some countries like Jamaica, having low economic performance indicators, yet having a high social progress index showing significant improvement in the provision of services that address basic human needs.

Social entrepreneurship has been generating significant attention in research as a vehicle to support transformation in the lives of citizens who engage with the social economy. As with any discipline in its embryonic stage, the concept of SEs means different things to different stakeholders. The consensus, however, is that SEs are ventures that generate social value while addressing social problems, apply innovative approaches and are sustained through an independent income stream.

Essentially, SEs address the failings of the traditional economy through their operations within the social economy. This is evident in some countries like Jamaica, having low economic performance indicators, yet having a high social progress index showing significant improvement in the provision of services that address basic human needs. The Social Progress Index 2014 done by Michael Porter et.al shows Jamaica, despite having a PPP GDP per capita of US$7083, with a creditable index of 43 out of 132 countries examined.

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