Society in relation to Stakeholder Theory

Introduction: Although capitalism is the favoured means of shaping the economy at the end of the twentieth century, significant disagreements concerned with the fundamental purpose of businesses still persist. The classical Friedmanite view of the profit-maximizing motive as the sole means of fulfilling 'social responsibilities' has been countered by Freeman's stakeholder approach. This new rationale advocates that all stakeholders have equal stake that decision makers have to consider. Freeman's stakeholder approach argues that the classical …showed first 75 words of 1183 total…

…showed last 75 words of 1183 total…Cording. Upper Saddle River: Prentice Hall, 1999. 257-271. Mulligan, Thomas M. "The Moral Mission of Business" Ethical Theory and Business (4th Edition) Ed. Beauchamp and Bowie. Englewood Cliffs: Prentice Hall, 1993. 65-75. Simon, John G., Charles W. Powers, and Jon P. Gunnemann. "The Responsibilities of Corporations and Their Owners" Ethical Theory and Business (4th Edition) Ed. Beauchamp and Bowie. Englewood Cliffs: Prentice Hall, 1993. 60-65. Velasquez, Manuel G. Business Ethics: Concepts and Cases. Upper Saddle River: Prentice Hall, 2002.