Contemporary Managerial Theories Transformation In Framework Of Sustainable Development

Sustainable development today not only creates the theoretical and methodological background for governance and management of all levels but also forces rethinking of traditional approaches to management and business development. Contemporary development is not limited by economic dimension anymore, the solving of classical economic ambiguity between efficiency and equity lied in the field of balancing of economic, environmental and social dimensions of social life. Modern approaches require rethinking traditional approaches to management and seeking the best practices for creating the new sustainable style of governance and management. Furthermore, the generality of sustainable development goals worked out by United Nation and formulated recommendations for strategic documents requires uniqueness of priorities and goals for the precise region. The paper gives an overview of the contemporary background, requirements, and challenges that arise before managers, politicians and other stakeholders in order to be effective and successful in modern economic life.