Overall, the business climate has lagged in reorienting to what is a fundamental shift in capitalism. While more and more entrepreneurs and investors are realizing that social responsibility and financial viability are not mutually exclusive, a concerted focus on the legislative and policy barriers to social entrepreneurship remains largely missing from most commercial and economic development agendas. Incentives continue to undervalue the considerable benefits social enterprises afford. The Sustainable Business Tax Credit is the lowest of any credit offered by the City of Philadelphia and is too small to make a meaningful impact on a company's bottom line. Approaches to economic development still rely too heavily on traditional strategies that prioritize investment in capacity to generate employment. But often absent from these evaluations are considerations of the quality of jobs produced.
Philadelphia's policy ecosystem needs recalibrating to the emerging values-based economy. Hope that change is underway can be found in two pieces of legislation recently introduced by Councilwoman Maria Quinones-Sanchez. Speaking to the vision that these efforts would serve, the Councilwoman stated a commitment to making Philadelphia the world capital for social enterprise. This commitment we both share.
SAleem Chapman
Policy & Advocacy Manager
The Good Economist 3