The purpose of this paper is to enter the conversation about stakeholder theory with the goal of clarifying certain foundational issues. I want to show, along with Boatright, that there is no stakeholder paradox, and that the principle on which such a paradox is built, the Separation Thesis, is nicely self-serving to business and ethics academics. If we give up such a thesis we find there is no stakeholder theory but that stakeholder theory becomes a genre that is quite rich. (...) It becomes one of many ways to blend together the central concepts of business with those of ethics. Rather than take each concept of business singly or the whole of “business” together and hold it to the light of ethical standards, we can use the stakeholder concept to create more fine-grained analyses that combine business and ethics; or more simply, we can tell many more, and more interesting, stories about business. (shrink)

Stakeholder theory has become one of the most important developments in the field of business ethics. While this concept has evolved and gained prominence as a method of integrating ethics into the basic purposes and strategic objectives of the firm, the authors argue that stakeholder theory has retained certain “masculinist” assumptions from the wider business literature that limit its usefulness. The resources of feminist thought, specifically the work of Carol Gilligan, provide a means of reinterpreting the stakeholder concept in a (...) way that overcomes many of the existing limitations. This reading provides a different understanding of the identity and meaning of the firm, specifically in terms of its relationship to stakeholder groups and what it means for a firm to succeed. The alternatives proposed also converge with recent trends in the wider management literature and provide practical guidance for firms which face a myriad of challenges in the increasingly complex and global marketplace. (shrink)

Abstract:The purpose of this paper is to suggest that at least one strain of what has come to be called “stakeholder theory” has roots that are deeply libertarian. We begin by explicating both “stakeholder theory” and “libertarian arguments.” We show how there are libertarian arguments for both instrumental and normative stakeholder theory, and we construct a version of capitalism, called “stakeholder capitalism,” that builds on these libertarian ideas. We argue throughout that strong notions of “freedom” and “voluntary action” are the (...) best possible underpinnings for stakeholder theory, and in doing so, seek to return “stakeholder theory” to its managerial and libertarian roots found in Freeman (1984). (shrink)

This book is a unique collection of essays by the leading scholars in business ethics. The purpose of the volume is to examine the emergence of business ethics as an important element of managerial practice and as an integral area of scholarship. The four lead essays--by Norman Bowie, Kenneth Goodpaster, Thomas Donaldson, and Ezra Bowen--are examples of some of the best thinking about the role of ethics in business. These essays examine such issues as the nature of scholarship and knowledge (...) in business ethics, how ethics is a central factor in managerial leadership, the complexities of ethics in multinational and multicultural settings, and the problems of ethical literacy and moral debate in a free society. Each lead essay develops several themes which are then explored by other prominent thinkers, including Robert Solomon, Richard DeGeorge, and Joanne Cuilla. (shrink)

In this article, we will outline the principles of stakeholder capitalism and describe how this view rejects problematic assumptions in the current narratives of capitalism. Traditional narratives of capitalism rely upon the assumptions of competition, limited resources, and a winner-take-all mentality as fundamental to business and economic activity. These approaches leave little room for ethical analysis, have a simplistic view of human beings, and focus on value-capture rather than value-creation. We argue these assumptions about capitalism are inadequate and leave four (...) problems in their wake. We wish to reframe the narrative of capitalism around the reinforcing concepts of stakeholders coupled with value creation and trade. If we think about how a society can sustain a system of voluntary value creation and trade, then capitalism can once more become a useful concept. (shrink)

The recent financial crisis has prompted questioning of our basic ideas about capitalism and the role of business in society. As scholars are calling for “responsible leadership” to become more of the norm, organizations are being pushed to enact new values, such as “responsibility” and “sustainability,” and pay more attention to the effects of their actions on their stakeholders. The purpose of this study is to open up a line of research in business ethics on the concept of “ authenticity (...) ” as it can be applied in modern organizational life and more specifically to think through some of the foundational questions about the logic of values. We shall argue that the idea of simply “acting on one’s values” or “being true to oneself” is at best a starting point for thinking about authenticity. We develop the idea of the poetic self as a project of seeking to live authentically. We see being authentic as an ongoing process of conversation that not only starts with perceived values but also involves one’s history, relationships with others, and aspirations. Authenticity entails acting on these values for individuals and organizations and thus also becomes a necessary starting point for ethics. After all, if there is no motivation to justify one’s actions either to oneself or to others, then as Sartre has suggested, morality simply does not come into play. We argue that the idea of responsible leadership can be enriched with this more nuanced idea of the self and authenticity. (shrink)

Business ethics, as a discipline, appears to be at a crossroads. Down one avenue lies more of the same: mostly philosophers takingwhat they know of ethics and ethical theory and applying it to business. There is a long tradition of scholars working in the area known as “business and society” or “social issues in management.” Most of these scholars are trained as social scientists and teach in business schools. Their raison d’etre has been admirable: trying to get executives and students (...) of business to understand the social impacts of business and to see business in broad, societal terms. (shrink)

Business is undergoing a conceptual revolution. Since the Global Financial Crisis there are many new ideas and proposals to make capitalism more responsible. The purpose of this paper is to identify key flaws in the “old story” of capitalism. Six principles are explained that taken together form the basis for a new story of business, one of responsible capitalism.

The purpose of this essay is to suggest that one of the dominant modes of thought in our society is a profound mistrust and misunderstanding of the role of business. A dominant myth in society is that business occupies the moral low ground, separate from ethics or a moral point of view. This position is characterized as the “business sucks” story, and the essay shows how the enactment of this story underlies business thinking among managers and business theorists. The essay (...) concludes with a suggestion to rethink and reinvent this story along more realistic and more empowering lines. Values based capitalism, or stakeholder capitalism, offers a better way to understand the complex role that business does and should play in modern society. (shrink)

The purpose of this paper is to suggest that at least one strain of what has come to be called “stakeholder theory” has roots that are deeply libertarian. We begin by explicating both “stakeholder theory” and “libertarian arguments.” We show how there are libertarian arguments for both instrumental and normative stakeholder theory, and we construct a version of capitalism, called “stakeholder capitalism,” that builds on these libertarian ideas. We argue throughout that strong notions of “freedom” and “voluntary action” are the (...) best possible underpinnings for stakeholder theory, and in doing so, seek to return “stakeholder theory” to its managerial and libertarian roots found in Freeman. (shrink)

Applied or practical ethics is perhaps the largest growth area in philosophy today, and many issues in moral, social, and political life have come under philosophical scrutiny in recent years. Taken together, the essays in this volume – including two overview essays on theories of ethics and the nature of applied ethics – provide a state-of-the-art account of the most pressing moral questions facing us today. Provides a comprehensive guide to many of the most significant problems of practical ethics Offers (...) state-of-the-art accounts of issues in medical, environmental, legal, social, and business ethics Written by major philosophers presently engaged with these complex and profound ethical issues. (shrink)

The purpose of this paper is to analyze the role of values in strategic management. We discuss recent criticisms of the concept of strategy and argue that the concept of value helps reconcile these criticisms with traditional models of strategy. We show that Andrews' model of corporate strategy rightly takes morally significant values to be essential to effective management. We show how the notion of value can be clarified and used in research into various conceptions of corporate morality.

In this essay on man Mr. Fuller expresses what may well be his penultimate view of the human condition. Here, in a mood at once philosophical and involved, Mr. Fuller traces man’s intellectual evolution and weighs his capability for survival on this magnificent craft, this Spaceship Earth, this superbly designed sphere of almost negligible dimension in the great vastness of space. Mr. Fuller is optimistic that man will survive and, through research and development and increased industrialization, generate wealth so rapidly (...) that he can do very great things. But, he notes, there must be an enormous educational task successfully accomplished right now to convert man’s ten­dency toward oblivion into a realization of his potential, to a universe-exploring advantage from this Spaceship Earth. It has been noted that Mr. Fuller spins ideas in clusters, and clusters of his ideas generate still other clusters. The concept “spaceship earth” is Mr. Fuller’s, and though used by Barbara Ward as the title of a work of her own the idea was acknowledged by her there as deriving from Mr. Fuller. The brilliant syntheses of some fundamental Fuller principles given here makes of this book a microcosm of the Fuller system. (shrink)

Business Ethics, the Environment & Responsibility, EarlyView.

If one wishes to accept that some painful animal experimentation can be justified on grounds that benefit is conferred, one is faced with a difficult moral dilemma argues the first author, a philosopher. Either one needs to be able to say why human lives of any quality however low should be inviolable from painful experimentation when animal lives are not; or one should accept that sufficient benefit can justify certain painful experiments on human beings of sufficiently low quality of life. (...) Alternatively, one can reject the original premise and accept antivivisectionism. Replies to his paper follow from an antivivisectionist philosopher and an eminent pharmacologist long involved in animal experimentation. Dr Frey responds to both replies. (shrink)

In Anglo-American society, virtually every moral theory of any note, including any plausible form of utilitarianism, places great stress upon autonomy, treats it as intimately bound up with morality, and regards it as of considerable moral significance to normal adult humans and to the value of their lives. In these respects, Kantianisms, contracturalisms, rightstheories, and utilitarianisms are very alike. They are also alike in that their emphasis upon autonomy inevitably sets up fully autonomous beings as something of a special or (...) privileged class, against which the lives of nonautonomous beings, such as infants, the very severely mentally-enfeebled, the seriously brain-damaged, the irreversibly comatose, and animals are viewed and their value assessed. The attempts theorists of all stripes make to squeeze as many beings as possible into the autonomous class illustrate the special or privileged caracter of that class in our moral thinking. (shrink)

The purpose of this paper is to describe a way of teaching business ethics using the creative arts, especially literature and theater. By drawing on these disciplines for both method and texts, we can more easily make the connection to business as a fully human activity, concerned with how meaning is created. Students are encouraged to understand story-telling and narrative and how these tools lend insight into the daily life of businesspeople. The paper describes two main courses, Business Ethics Through (...) Literature and Leadership, Ethics and Theater, and the rationale for each. We begin by suggesting three main leverage points that the courses engender. We then rely on the words of students who have taken the courses for insights into what they learned. We then critically assess some of the principles that have informed course design over time. We conclude by suggesting that paying attention to the creative arts gives rise to a rather different approach to business ethics, one grounded in the pragmatist tradition in philosophy. (shrink)

My interest is in two of the four conditions which must be satisfied if the doctrine of double effect is to be successfully employed. One of these involves the distinction between direct and oblique intention, And I deny that this distinction is the index of character or goodness adherents to the doctrine take it to be. Rather, I emphasize the notion of "control responsibility", In considering several cases around which discussion of the doctrine has focused. I develop this notion, In (...) the course of rejecting several attempts to render it superfluous, And then sustain it, In the face of a possible rival. Finally, I consider a second condition of the doctrine, One which turns upon the view that the order of causation between an evil and a good effect of an act is morally significant, And I suggest that this view is mistaken. (shrink)

The invocation of moral rights in moral/social debate today is a recipe for deadlock in our consideration of substantive issues. How we treat animals and humans in part should derive from the value of their lives, which is a function of the quality of their lives, which in turn is a function of the richness of their lives. Consistency in argument requires that humans with a low quality of life should be chosen as experimental subjects over animals with a higher (...) quality of life. (shrink)

This paper presents a minimal formulation of nonrelativistic quantum mechanics, by which is meant a formulation which describes the theory in a succinct, self-contained, clear, unambiguous and of course correct manner. The bulk of the presentation is the so-called “microscopic theory”, applicable to any closed system S of arbitrary size N, using concepts referring to S alone, without resort to external apparatus or external agents. An example of a similar minimal microscopic theory is the standard formulation of classical mechanics, which (...) serves as the template for a minimal quantum theory. The only substantive assumption required is the replacement of the classical Euclidean phase space by Hilbert space in the quantum case, with the attendant all-important phenomenon of quantum incompatibility. Two fundamental theorems of Hilbert space, the Kochen–Specker–Bell theorem and Gleason’s theorem, then lead inevitably to the well-known Born probability rule. For both classical and quantum mechanics, questions of physical implementation and experimental verification of the predictions of the theories are the domain of the macroscopic theory, which is argued to be a special case or application of the more general microscopic theory. (shrink)

The most common view of suicide today is that it is intentional self-killing.1 Because of the self-killing component, suicide is often described as self-inflicted death or as dying by one's own hand, and the victim is in turn often described as having done himself to death or as having taken his own life. But must one's death be self-inflicted in order to be suicide? The answer, I want to suggest, is arguably no.

In his paper "rights" ("the philosophical quarterly", Volume 15, 1965, Pages 115-127), H j mccloskey maintains that only beings who can possess interests can possess rights; and he goes on to argue that animals cannot satisfy this requirement. In his paper "mccloskey on why animals cannot have rights" ("the philosophical quarterly", Volume 26, 1976, Pages 251-257), Tom regan disputes mccloskey's requirement. First, He queries whether mccloskey's "is" a requirement for the possession of rights; second, He tries to show that animals (...) can nevertheless satisfy it. On both counts, I contend that regan's arguments do not work. I also set out a mccloskey-Like position which is not open to regan's attack upon its legitimacy. I conclude with an example designed to show why regan has failed to establish that animals have interests. (shrink)

We live in an age of great scientific and technological innovation, and what seemed out of the question or at least very doubtful only a few years ago, today lies almost within our grasp. In no area is this more true than that of human health care, where lifesaving and life-enhancing technologies have given, or have the enormous potential in the not so distant future to give, relief from some of the most terrible human illnesses. On two fronts in particular, (...) xenograft or cross-species transplantation and genetic engineering of animals on behalf of gene therapy in humans, such relief appears very promising, if not actually on the horizon. Certainly, extensive research work on both fronts is underway both in the United States and abroad. (shrink)