The Social Art of Wealth Creation: Unpacking Alternative Philosophy for Inclusive Socio- economic Development in South Africa

Abstract

<title>Abstract</title> Generally, economic investment models are primarily premised on maximising profit and accumulating wealth, a development paradigm that benefits a few. This paper focuses on social entrepreneurship as an emerging socio-economic paradigm in South Africa. The objective of the paper was to demonstrate the philosophical nuances within social entrepreneurship as an alternative socio-economic paradigm in South Africa. Through a qualitative research approach, in-depth interviews were conducted with selected social enterprises in South Africa. The data was analysed thematically. The study established that social entrepreneurship is premised on people-centredness; cultural-embedded socio-economic investments; empowerment and socio-economic emancipatory; and innovativeness. These principles advance the social investment paradigm in social enterprises by reconceptualising and contextualising wealth creation and its concomitant social impact on communities. These findings imply that social services practitioners must undergo a paradigm shift in designing and implementing inclusive and equitable-orientated socio-economic models and approaches to development.