Hybrid Social Entrepreneurship: A New Form of Capitalism to Enhance Local Economic Development in South Africa

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Page: 1559-1565

Mohale Ernest Selelo and Michael Nkosinathi Khwela (Department of Development Planning and Management, University of Limpopo, South Africa)

This paper aims to analyse how hybrid social entrepreneurship as a new form of capitalism could potentially attempt to enhance LED. This paper argues that hybrid social entrepreneurship as a new form or version of capitalism would offer innovative and comprehensive ways of improving LED. Because social and economic conundrums such as poverty, unemployment and inequality never expire as long as the destitute continues to endure such inhumane conditions and poor living standards. It is necessary because liberal capitalism fails to comprehensively improve LED. This is because of the shortfalls of both public and private sectors and the arrogance of liberal capitalism. Thus, the paper adopts a literature-based methodology wherein secondary data sources were used to achieve the aim of the paper. Thus, capitalism on its own seeks to benefits only the minority, bourgeoisie, and the privileged and focus on profits over improving the social well-being of the underserved communities. To corroborate and ensure that LED benefits the most underprivileged individuals, hybrid social entrepreneurship as a new form of capitalism should be embraced. It finds that the hybrid social enterprises as a form of capitalism that encompass both for-profit and non-profit legal structure offers a promising intervention that could salvage the limitations of capitalism which solely relies on profit. Hence, to drive both social and economic change to enhance LED, hybrid social entrepreneurs may reinvest their profits in social programs and foster economic and human development.