The definition you use, i.e., "Development that meets the needs of the present without compromising the ability of future generations to meet their own needs" is of course the standard and most generally used definition of sustainability. It is attributed to Gro Harlem Brundtland, former Prime Minister of Norway, and Chairperson of the World Commission on Environment and Development. The Commission was established by the Secretary General of the UN in 1983, and reported in 1987 ("Our Common Future", 1987).

Unfortunately, I feel this definition is open to a wide range of interpretations and does not adequately recognise the intrinsic right of the environment and its living creatures to their own existence, independently of any service they may provide to humankind, i.e., it is far too anthropocentric. We need to take account of a growing awareness that human beings are not necessarily the centre of creation; as Thomas Berry so eloquently states:

“To preserve the economic viability of the planet must be the first law of economics. To preserve the health of the planet must be the first commitment of the medical profession. To preserve the natural world as the primary revelation of the divine must be the basic concern of religion. To think that the human can benefit by a deleterious exploitation of any phase of the structure or functioning of the Earth is an absurdity. The well-being of the earth is primary. Human well-being is derivative.” (The Universe Story, Brian Swimme and Thomas Berry, p 243).

I have been teaching a Master's degree course in Dublin, Ireland, for four or five years on the topic of sustainability, and I prefer the meaning given to “sustainable development” in “Caring for the Earth: a Strategy for Sustainable Living”, IUCN/UNEP/WWF (1991) as --

“Improving the quality of human life while living within the carrying capacity of the Earth’s supporting eco-systems”.

Another very good definition, developed by one of my students, Shiela Convery, in 2004 is:

“Sustainable Development is about raising our quality of life by establishing symbiotic relations within and between our diverse human cultures and between those cultures and the biosphere”

This definition suggests that human societies should not be exploitative of each or of the resources of the planet, but should live in a harmonious relationship with all other living creatures with whom we share the biosphere.

Thank you for a very interesting website and dictionary. I wish that we had an institute similar to the Presidio School of Management in Ireland ! If you would like to contact me, please feel free to do so; my details are:

Jack O’Sullivan,
Environmental Management Services,
Outer Courtyard,
Tullynally Castle,
Castlepollard,
County Westmeath, Ireland.
Telephone + 353 44 966 2222
Fax + 353 44 966 2223
E-mail: jackosullivan@eircom.net

I think working capital is a financial metric which represents the amount of day-by-day operating liquidity available to a business. Also known as operating capital, it is calculated as current assets minus current liabilities. A company can be endowed with assets and profitability, but short of liquidity, if these assets cannot readily be converted into cash.