Global Journal of Human Social Science, E: Economics, Volume 22 Issue 7

To use the costs of compliance as an advantage, proper promotion is required by them along with increasing awareness through campaigns to make the market more competitive for the future by proper implementation of compliance. (Gordhan K. Saini, 2011) b) Social and Environmental concern With globalization and increased awareness of the environmental, ethical and social impacts of trade, consumers in developed countries rely on consumer organizations to provide them with independent, comparative and verifiable information on goods and services in terms of safety, performance, quality, and value for their money, enabling them to make choices and purchase decisions. (Salvador, 2007). Belal et al.’s (2015) study suggest that the current growth in Bangladesh’s garment industry is mostly because it involves a highly polluting manufacturing process. From this, it follows that, in their search for profit maximization, MNCs are not only outsourcing their production but also the pollution and labor exploitation that is “necessary” to preserve costs low. Social upgrading is defined as the practice of enhancement of the rights and privileges of workers, as social actors, which increase the value of their employment (Barrientos et al., 2011). Barrientos et al. (2011) furthermore specify that social upgrading has two components: measurable standards and enabling rights. Measurable standards are the more quantifiable aspects of employment, such as wages, working conditions, and working hours. Empowering rights deal with more sophisticated matters, such as discrimination, the sovereignty of association, freedom of speech, and career development. c) Environmental and Economic concern Key features for environmentally sustainable product innovation includes knowledge of market, law, and legislation, inter-functional collaboration, and innovation-oriented learning and R&D 5 Life Cycle Assessment (LCA) which is the evaluation of the environmental aspects of the production system through all stages of its life cycle, investments Besides, knowledge on environmental laws and regulations are as well as policies concerning financial issues and information initiatives involving green innovation are necessary as well. (Medeiros et al., 2014). Sustainable product design is a design philosophy and practice in which products contribute to social and economic welfare, have trivial influences on the environment, and can be manufactured from a sustainable resource base, which is the inclusive concept of eco-terms (Brezet, et al., 1997; Fuad and Luke, 2002; Simon, et al., 1998) due to the deterioration of the overall conditions in our surroundings. 5 R&D- Research and Development has been developed to help environmental management in sustainable development in the long term. Sustainable development requires improvements in eco-efficiency; how we use energy and materials and how we minimize waste (Niinimäki, 2006). The life cycle consists of the extraction of raw materials, the design and formulation process, manufacturing, packaging, distribution, use, re-use, and waste disposal, ultimately increasing the responsibilities of producers, which do not end at the factory gate (Fuad and Luke, 2002; Jensen et al., 1997). A textile factory’s wastewater must be well treated from toxins, harmless chemicals and substances, dye, and heat; and the wastewaters should be treated using purification plant(s). Using fewer chemicals means further savings in the production processes and financial benefit can also be achieved since less waste is generated and a fraction of hazardous waste is also reduced. Besides, dealing efficiently with energy, water, and auxiliary materials during production can save a considerable amount of costs (Talvenmaa, 1998). Environmental efficiency, or eco-efficiency, means reusing the product, recycling the material after use, and producing less waste in the end (Rissa, 2001). While approaching sustainability, other aspects have to be estimated: how the natural dye has been cultivated, what kind of textile materials have been used, the textile processing itself, what kind of helping agents and chemicals have been used in the dyeing process, wastewater treatment and so on (Niinimäki, 2006). Researchers suggested that an integration of the company’s core business activities and specific strategies toward sustainability is necessary to build its competitive advantages (Galbreath, 2006). For example, some companies may take the ethically oriented approach toward sustainability where actions might be demonstrated toward their stakeholders rather than market transactions (Kleinrichert, 2008). Others may take the business or economic approach, involving relationships between CSR programs and financial performance (Godfrey, 2005). Textile is a labor-concentrated industry, which time and again has experienced questions around poor working circumstances, child labor, overtime employment, employee manipulation, low wages, and others (Scott, 2006) as well as the negative environmental effects, such as soil, water, and air pollution while growing and manufacturing fibers, producing and finishing textiles and even during transportation (Borghesi and Vercelli, 2003; De Brito et al., 2008; Hanzl-Wei_, 2004; Myers and Stolton, 1999). Sustainability could be a source of competitive advantage for companies. By creating sustainability a part of companies’ core business practices, companies can use such strategies to their competitive advantage in the industry. Thus, companies may need to evaluate their need to contribute to © 2022 Global Journals Volume XXII Issue VII Version I 81 ( ) Global Journal of Human Social Science - Year 2022 E Exploration of Barriers and Success Factors of Sustainability of the Bangladeshi Textile Industry at Various Stakeholders’ Level from Social, Environmental and Economical Concern