Social Economy for Azerbaijan: A Key Component of Sustainable Development?

Abstract

The paper aims to bring readers’ attention to the Social Economy as an alternative economic system and reanimate the development of a Social Economy sector in Azerbaijan. At the moment, the term Social Economy does not have a fixed definition and, therefore, this study tries to provide an explanation of it. Moreover, this paper describes the implications and benefits of the Social Economy in and for Azerbaijan and offers mechanisms for its further development. The study explains the Social Economy’s necessity for the future sustainable development of the country, as there are important correlations between the two. There are many opportunities that can be opened by this sector and, thus, the country should develop a social-welfare-maximization approach to the economy.