David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 74 (4):303 - 314 (2007)
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.
|Keywords||capitalism stakeholder ethics economics free market|
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Citations of this work BETA
Kate Grosser (2009). Corporate Social Responsibility and Gender Equality: Women as Stakeholders and the European Union Sustainability Strategy. Business Ethics 18 (3):290-307.
Ericka Costa & Tommaso Ramus (2012). The Italian Economia Aziendale and Catholic Social Teaching: How to Apply the Common Good Principle at the Managerial Level. [REVIEW] Journal of Business Ethics 106 (1):103-116.
George N. Gotsis & Zoe Kortezi (2010). Ethical Considerations in Organizational Politics: Expanding the Perspective. [REVIEW] Journal of Business Ethics 93 (4):497 - 517.
Francesco Perrini, Angeloantonio Russo, Antonio Tencati & Clodia Vurro (2011). Deconstructing the Relationship Between Corporate Social and Financial Performance. Journal of Business Ethics 102 (S1):59-76.
Antonio Tencati & Laszlo Zsolnai (2009). The Collaborative Enterprise. Journal of Business Ethics 85 (3):367 - 376.
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