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This chapter focuses on policy intervention that has grown in popularity in the UK since the financial crisis of 2008. The focus is on inclusive growth and more specifically, community wealth building. The concept has been picked up by institutions and think tanks at multiple scales from the OECD to local government. We aim to address the tensions in community wealth building and in particular how local authorities in the UK are adjusting their procurements strategies to increase the tendering capabilities of SMEs in their political geography.

We introduce a UK-based study utilising an ESRC-funded case study, desktop research and semi-structured interviews to investigate how well the region of Greater Manchester (GM) ecosystem was equipped to prepare small firms to learn how to compete for public contracts with evidence applicable to other large-scale tenders.

Overall, at the time of writing business support across GM does not create the value proposition of enabling small firms to be capable at tendering and thus undermines community wealth building (CWB) efforts. The advice on offer is sparse; it offers partial or no advice about different capabilities and is often limited to simple guidance stating procurement rules and compliance demands. Information is often abstract and technical support is also fragmented, making it unlikely that small firms will find resources. Advice fails to engage with evidence on how small firms learn and to provide a learning process. In particular, support to raise absorptive capacity and strategic commitment to tendering, build basic tender readiness and develop and refresh tendering capability is not evident. Training, coaching and peer learning are largely absent.

UK appears to be an experimental ground for CWB with dedicated think tanks and several examples such as the ‘Preston Model’. GM is a suitably sized and comparable region to offer transferable knowledge and indicators to support regions to innovate. We offer a ‘Dashboard of Priorities’ to enhance business support to SMEs so they can win at tendering, thus strengthening CWB policy and impact. Furthermore, we are adding clarity to a fuzzy definition of CWB and define inclusive procurement. We assist global policymakers to answer the fundamental question; are we doing all that we can with these significant resources to create an economy which truly benefits the people? By examining the ideas of community wealth building and inclusive procurement from a local authority and SME perspective, we can extrapolate finings for international comparison and offer an in-depth look at how the execution of this policy can be strengthened to deliver maximum benefit to their communities. The implication is to focus attention on how institutions (public or private), by way of better execution, can enhance the economic resilience of their own local ecosystems/places.

The purpose of this paper is to examine the impact of fiscal policy and institutional quality on the inclusive growth process of the selected developing Asian countries. Inclusive growth is a growth process which ensures that everyone is participating and benefited by growth process.

This study uses system generalized method of moment to address the problem of endogeneity and omitted variable bias.

Empirical results showed that both fiscal policy and institutions have positive effects on inclusive growth. Our empirical results confirmed that fiscal policy can work more efficiently in the presence of good quality institutions in the developing Asian countries.

Government should take measures to improve infrastructure, roads and transport system, and main share of government expenditures should be allocated to development, education and health projects. There is a need to transform the tax structure of the countries with the huge emphasis on the progressive tax system and this is likely to benefit the lower segment of the population. There is a need to develop institutions as they serve as a road map for the development of a country. There should be coordination between government policies and institutions. Supervision of fiscal policy through good institutions is needed for the proper allocation and utilization of public resources.

By restructuring the taxation system subject to the provision of quality institutions, government can incentivize entrepreneurs to make significant investments. This creates jobs for lower segment of a society, brings down poverty and increases the income level of a country. This increases the individual and collective welfare of an economy that ensures the inclusive growth within a country.

In this study, proxies used for fiscal policy are government expenditures and tax revenues as a percentage of gross domestic product (GDP) to examine its impact on the certain measures of inclusive growth such as employment, income inequality and GDP per capita. This study provides useful insights for the policy makers using fiscal policy to achieve the goal of inclusive growth in developing countries.

This paper aims to enhance the impact of incorporated waqf institutions by blending their resources to promote responsible small businesses that are inclusive of human development, service to society and preservation of ecological environment and other species. This is expected to shift the paradigm of businesses from the current waste-oriented linear economy to ideally a zero-waste circular economy.

This is an analytical study building on the experience of European Venture Philanthropy Organizations (VPOs) that work with the primary objective of making impactful businesses successful, with capital protection and return on investment being of secondary concern. This paper suggests an incorporated institutional design that blends resources for promoting responsible businesses using a new hybrid financial mechanism, namely, equity-at-default (EaD) to replace collateral and foreclosure requirements with responsibility and compassion.

The research calls for changing the business paradigm from linear to circular, an incorporated institutional framework for venture waqf, purpose of the waqf to make impactful small businesses successful and designing a financial contract to loan in favor of responsible businesses that convert to equity stake for the waqf in case of default (EaD) replacing collateral and foreclosure requirements.

This is a theoretical study motivated by the success of VPOs but assigns a new role to waqf institutions. Furthermore, the incorporated nature of waqf is a new idea and EaD is a new mechanism. Being new, these ideas have the risk of not being implemented. However, the broader message that waqf shall promote businesses that are inclusive of ecological concerns is generally applicable.

The paper has a significant practical implication to transform the responsibility and consciousness of businesses. Waqf is fundamentally a compassionate institution, and it must enhance the responsibility of businesses to become more inclusive of the environment and other species. It should also become more compassionate toward businesses that are in distress and default. In this sense, the paper tries to internalize compassion in financial contracting that can potentially change the architecture of lending.

Altering businesses’ mindset from a waste-driven extractive linear economy to inclusive circular economy has a tremendous transformative role. This will have implications for enhancing business consciousness and responsibility. As poverty is a phenomenon of state of mind, changing the society’s state of thought in Muslim communities is expected to have basic positive implications. Entrepreneurs with a new mindset can have far-reaching positive impacts on the society.

The paper offers potentially innovative perspectives in four key areas and blends the different resources in an incorporated waqf that makes responsible entrepreneurs assume a partnership role in times of distress through EaD. Furthermore, the integration of compassion in financial contracting could have better implications for return on investment as well. The ideal state of an economy is where waste is turned into wealth and well-being is something that all policymakers must keep on the top of their agendas.

Initiated by non-governmental organizations (NGOs) over half a century ago, fair trade has successfully evolved from a regional business discourse to a global social movement within international trade. In the matter of fair trade coffee, this global social movement has transformed the traditional coffee trade structure of inequality and unfairness into a conglomerate of international institutions that embrace equity and inclusivity – a metamorphosis that can be attributed to NGOs’ institutional entrepreneurship.

In this exploratory study, the authors examine the fair trade coffee industry and trace the actions of NGOs along with other stakeholders at the organizational field level, in moving toward an inclusive model of globalization.

Departing from exploitative globalization, fair trade practices advocate inclusive growth through the promotion and establishment of greater equity for all as well as higher environmental standards in global value chains.

This study contributes to nascent research on inclusive growth by analyzing how fair trade promotes inclusive growth and trade in GVCs. This study also contributes to research on institutional entrepreneurship by examining two enabling conditions – the shift in institutional logics and the peripheral social position of NGOs – that enabled NGOs to serve as institutional entrepreneurs in the initiation phase of institutional entrepreneurship.

Policymakers may encourage collaboration between profit organizations and nonprofit organizations to provide entrepreneurial opportunities for trials, errors, and revisions. The evolution of fair trade coffee provides such an example.

The coevolution of NGOs and MNEs has made the globalization of fair trade practices possible. The collaboration between NGOs as institutional entrepreneurs (operating on the community logic) and MNEs as institutional followers (operating on the financial logic) support inclusive globalization and sustain fair trade practices.

Drawing on the process model of institutional entrepreneurship, the authors seek to understand the role of NGOs as institutional entrepreneurs in the dynamics of initiating, diffusing and sustaining fair trade coffee practices.

At a time when tourism is embarking on the path to recovery from the COVID-19 crisis, this paper aims to put forward a set of principles guiding the development of tourism to enable global society to become more inclusive and sustainable.

This paper adopted a descriptive design using views and data mainly published by 11 international organisations and specialised agencies between March and mid-June 2020. Content analysis was carried out to enable the research to identify features and the presence of challenges for tourism within international organisations’ documents and leaders’ speeches to compare them.

The results revealed that there are five key principles that may have a significant impact on tourism development, suggesting that these could be adopted for building a more inclusive and sustainable economy, while mitigating the impact of the COVID-19 crisis.

Adopting the five key principles recommended in this paper can help tourism to emerge stronger and in a more sustainable way from COVID-19 or other future crises. Equally, this can incite changes in policies, business practices and consumers’ and locals’ behaviours with a view to building a truly sustainable sector.

This study helps to reconfirm existing knowledge in the COVID-19 context by highlighting five guiding principles that can help tourism players to respond to this crisis disruption and future ones via transformative innovation. In doing so, these will also be contributing to the achievement of the ideals and aims of the Sustainable Development Goals.

This study aims to empirically analyze the factors influencing digital financial inclusion in China.

Using panel data from 31 provinces in China for the years 2011-2018, the study constructed spatial econometric models for regression analysis at the national and regional levels.

Economic development, government intervention, internet penetration and the development of the credit level significantly affected the development of digital financial inclusion in China. However, the specific influence of the various factors varied by province. Provinces with less-developed economies generally had weaker economic foundations and underdeveloped digital financial services, making it more difficult to fully achieve digital financial inclusion.

Relevant government policies should strengthen digital infrastructure and improve the organizational systems and services of digital finance to support the balanced development of digital financial services in China.

China’s e-commerce development has been at the global forefront for decades, which suggests digital financial inclusion is also well-placed for strong development in China. However, quantitative research on the digital financial inclusion index has remained insufficient in China and worldwide, with most research ignoring the status of different development levels in a different region. To address this gap in the literature, this study empirically researched the status, regional differences and causes associated with these differences that impact digital financial inclusion in China.

In this chapter, the reality of Bolivia's current situation is presented, including details regarding the country's political, economic and environmental context. Then, alternate possible future scenarios are presented, developed by four different types of stakeholders in Bolivian society during four workshops that produced various suggestions on how to recover from the effects of the COVID-19 pandemic using a sustainable approach.

Several findings are incorporated into these scenarios, including potential risks, public policy recommendations and structural changes required to attain the best possible post-pandemic scenario for Bolivia, including the achievement of several Sustainable Development Goals (SDGs) from the 2030 Agenda, especially SDGs 8, 13 and 17.