Proponents of the dominant contemporary model of corporate governance maintain that the shareholder is the primary constituent of the firm. The responsibility for managerial decision makers in this governance system is to maximize shareholder wealth. Neoclassical economists ethically justify this objective with their interpretation of Adam Smith's notion of the Invisible Hand. Using a famous quotation from The Wealth of Nations, they interpret the Invisible Hand as Smith's (An Inquiry into the Nature and Causes of the Wealth of Nations, Methuen (...) & Co., London) assertion that market participants, in pursuing their own self-interests without regard to the interests of others, will collectively provide the optimal economic benefit to society. We argue that the traditional interpretation of Smith is too narrow and potentially harmful to society. In order to fully understand Smith's notion of the influence of the Invisible Hand on human behavior, one must also consider The Theory of Moral Sentiments. In that work, Smith (The Theory of Moral Sentiments, A. Millar, London) portrays the pursuit of self-interest as only one of several potential motivations for human action. He also acknowledged the existence of a “sympathy principle,” which refers to the ability and propensity of human beings to consider the interests of others. Heilbroner (The Essential Adam Smith, W.W. Norton, New York, p. 59) suggests that Smith's sympathy principle allows one to “determine the appropriate degree of self-interest, the proper display of benevolence, the desirable strictness of justice.” In fact, Smith indicates that (1) a society whose members pursue self-interest without a sense of justice will eventually collapse; (2) a society whose members pursue self-interest checked by their sense of justice alone will survive; (3) a society whose members pursue self-interest, justice, and the interests of others will flourish. Since a more complete reading of Smith indicates that human beings, in considering their own interests, also reflexively consider the interests of others when making decisions, then the traditional corporate governance model appears to be lacking. A broader, multiple stakeholder approach to corporate governance that considers the interests of other constituencies may be more consistent with Smith's views. In particular, Smith's sympathy principle provides a theoretical foundation for a shift away from the narrow, yet dominant, shareholder-based corporate governance model and toward multiple stakeholder models of corporate governance [e.g., Business and Society: A Strategic Approach to Corporate Citizenship, Houghton Mifflin, Boston, MA] and internal decision-making [e.g., Sloan Management Review 38, (1997) 25–37]. (shrink)

The article attempts to settle a controversy between d f pears and j o urmson over the nature of russell's early theory of memory. it is shown that contrary to what pears claims in his "bertrand russell and the british tradition in philosophy," russell had explicitly abandoned a realist account of memory by 1915. the article sides with urmson as against pears, but apparently both have overlooked two of russell's little noticed 1915 papers in the "monist.".

In lieu of an abstract, here is a brief excerpt of the content:358 HISTORY OF PHILOSOPHY und k6nnen es nur sein. Das Gleiche ist der Fall mit den Erfahrungstatsachen des wissenschaftlichen Versuches und im Grunde aller Wissenschaft gibt es nichts anderes und kann es nichts anderes geben. Mag ein gewandter Dialektiker die Voraussetzungen, yon denen er ausgeht, noch so sehr durcheinanderwirbeln, sie verbinden und zu Schliissen aufeinandertiirmen: Was er erhiilt, wird stets wieder eine Aussage sein. Niemals wird er zu einem (...) Gesetze gelangen, das lauten wiirde: Tue dies! oder Tue dies nicht! also zu einem Satze, der dem sittlichen Gesetze entsprechen oder ibm entgegenstehen kSnnte,r Kann Morscher dann noch immer behaupten, dass Poincar6 nur kategorische Syllogismen oder nur Schhssfolgerungen mit gerade Priimissen im Sinne hatte? Wir sind dem t3bersetzer eine Ehrenrettung schuldig: wenn er hier "syllogisme" mit "logischer Schluss" iibersetzt hat, hat er keinen Fehler begangen, es trifft ihn nicht der Tadel, durch eine scblechte Ubersetzung eine Legende hervorgerufen zu haben. Morscher soUte jedoch nicht, wenn er "syllogisme" liest, "kategorischer Syllogismus" verstehen, lind bei geistesgeschichtlichen Diskussionen immer den hermeneutisch relevanten Kontext beachten, d.h. wnigstens den Absatz, den er gerade analysiert, zu Ende lesen. Es liisst sich rticht daran zweifeln, dass Hare mit Recht [PR] Poincar6 zuschreibt. Nicht ganz sicher bin ich, ob Poincar6, wenn er sah und es ausdriicklich sagte, dass die iiblichen logischen Regeln fiir Imperativfolgerung nicht anwendbar sind, damit auch gleichzeitig die Entwicklung einer Imperativlogik (Normenlogik) forderte, oder ob er sich dieser programmatischen Konsequenz nicht ganz bewusst war. OTAWEINBERGER Universitiit Graz RUSSELL'S REALIST THEORY OF REMOTE MEMORY In a paper on Bertrand Russell's theory of memory1 David Pears undertakes to amend certain aspects of his version of Russell's theory of memory which he had presented in his Bertrand Russell and the British Tradition in Philosophy. ~ In that work Pears had attributed to Russell an extreme realist theory of memory from 1905 through 1918, i.e., a general theory of memory according to which the mind maintains direct contact by the dual relation of acquaintance with past sense-data. 3 This, he now believes, is historically incorrect in view of two of Russell's lesser known papers which have since come to his attention and which make it clear that in 1915 Russell held the extreme realist account only in connection with immediate memory--i.e., with memory within what is often called the specious present--and that as regards remote memory--i.e., memory of things not very recent and, so, outside the specious present--past sense-data 7 Poincare, Letzte Gedanken, aus dem FranzSsischen iibersetzt yon Karl Lichteneeker (Leipzig : Akademische Verlagsgesellschaft, 1913),pp. 226 f. 1 D. F. Pears, "Russell's Theories of Memory 1912-1921," in Bertrand Russell's Philosophy, ed. George Nakhnikian (New York: Harper and Row, 1974), pp. 117-137. The papers are from the Indiana University Russell centenary conference, 1972. 2 (London: Collins~I967), pp. 7I, 181-182. 3 Ibid. NOTES AND DISCUSSIONS 359 were knowable only by description and not by acquaintance.4 But Pears still argues, as against J. O. Urmson,5 that Russell did hold the realist theory of remote memory before 1915, although he was "changing his mind" in that year and, by 1917 ("The Philosophy of Logical Atomism"), had definitely abandoned the theory,e I believe that Pears is partly right about this matter: Russell almost certainly did hold a realist theory of remote memory before 1915. However, it can be shown, I think, that the theory was abandoned, not in 1915 or later, but in 1914. Pears shows beyond any reasonable doubt that Russell held a realist theory of remote memory in 1912. The strongest evidence may be found in a passage in Problems of Philosophy: There is some danger of confusion as to the nature of memory, owing to the fact that memory of an object is apt to be accompanied by an image of the object, and yet the image cannot be what constitutes memory. This is easily seen by merely noticing that the image is in the present, whereas what is remembered is known to be in the past. Moreover, we are certainly able to some extent to compare our image with the object remembered, so that we often know, within... (shrink)

D.O. Thomas; VI*—The Duty to Trust, Proceedings of the Aristotelian Society, Volume 79, Issue 1, 1 June 1979, Pages 89–102, https://doi.org/10.1093/aristotelian.

When can one say that a new theory is truer than the old one it contradicts, even though neither is absolutely true? We are primarily concerned with the case in which the conflicting theories offer answers to the same questions, and so we do not introduce considerations of "logical width". We propose that part of the new theory is truer than part of the old one when the former part gets right whatever the latter-part got right while the former does (...) not make any new mistakes. Pragmatic considerations will determine the relative importance of whatever new mistakes the new theory does make as a whole. To avoid artificial counterexamples, we restrict the parts compared to those that are "convex". A "convex" theory is one that holds in all cases intermediate between any two cases in which it holds. (shrink)

D.O. Thomas; VI*—The Duty to Trust, Proceedings of the Aristotelian Society, Volume 79, Issue 1, 1 June 1979, Pages 89–102, https://doi.org/10.1093/aristotelian.

When leading spectroscopists in Europe and America were engaged, during 1897, in exploring the recently-discovered Zeeman Effect, they were overtaken by a relatively obscure phsicist working in Dublin. Thomas Preston had previously been known only for his excellent textbooks. His achievement in discovering the Anomalous Zeeman Effect was immediately recognized, but his untimely death has deprived posterity until now of a full account of his life and qualities.

D. O. Thomas; XIII—Obedience to Conscience, Proceedings of the Aristotelian Society, Volume 64, Issue 1, 1 June 1964, Pages 243–258, https://doi.org/10.1093/ari.

On Dharma as depicted in Mahābhārata, Hindu classical epic.

Richard Price argued for democratic institutions on the ground that each individual has a moral responsibility for the good government of his community. This assumption that political responsibilities are moral responsibilities was in turn derived from the belief that each individual has a continuous duty to create in his own personality and in his relations with his fellow men the conditions of the virtuous life. Popular political responsibility was thus defended by the extension of a rigorous moral athleticism into the (...) sphere of social arrangements. The dominating feature of this demand for comprehensive reform and reconstruction is the attempt to construe the moral life as a process in which the individual struggles to recreate himself in the light of his most mature conceptions. These conceptions, Price maintained, are determined rationally, and that they are so is presented in two different ways. Either as in the case of the principles of moral judgment they are held to be the objects of a rational intuition; or as in the defence of democratic institutions they are derived from an abstract construction of the demands of moral personality. (shrink)