Abstract

Many theoretical developments in the business and society field do not pay enough attention to the policy environment in which business functions and through which corporate behavior is largely shaped to respond to social problems. Part of this problem may be due to the lack of a firm philosophical foundation for public policy providing legitimacy for the concept in relation to the market system. American pragmatism offers such a foundation and overcomes many of the tensions between the market and public policy by puffing the concept of the individual and community in proper perspective.