Stakeholder Theory: Toward a Classical Institutional Economics Perspective

Journal of Business Ethics:1-14 (forthcoming)
  Copy   BIBTEX

Abstract

Stakeholder theorists have traditionally objected to the neoclassical conception of the firm as a vehicle for maximizing profit or shareholder wealth, thus opening up space for controversial engagement with neoclassical economics. The present paper fills some of this space by elaborating the parallels between stakeholder theory and classical institutional economics, a heterodox school of economic thought that has long been critical of a broad range of neoclassical ideas. Rooted in the writings of Veblen and Commons, classical institutional economics explores how the social provisioning process is coordinated or hindered by real-world business institutions. From this standpoint, stakeholder theory highlights the possibility of overcoming the institutionally ingrained conflicts and trade-offs for the sake of realizing common human interests in organizing the social provisioning process in an orderly and reasonable way. This argument not only illuminates the relationship of stakeholder theory to the wider societal context of modern capitalist economies but also elaborates novel aspects of the moral nature of stakeholder management.

Other Versions

No versions found

Links

PhilArchive

    This entry is not archived by us. If you are the author and have permission from the publisher, we recommend that you archive it. Many publishers automatically grant permission to authors to archive pre-prints. By uploading a copy of your work, you will enable us to better index it, making it easier to find.

    Upload a copy of this work     Papers currently archived: 104,060

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

Ethical aspects of investor behavior.Pietra Rivoli - 1995 - Journal of Business Ethics 14 (4):265 - 277.
Stakeholder Theory: A Model for Strategic Management.Maria Bonnafous-Boucher - 2016 - Cham: Imprint: Springer. Edited by Jacob Dahl Rendtorff.

Analytics

Added to PP
2022-12-10

Downloads
30 (#820,315)

6 months
2 (#1,348,959)

Historical graph of downloads
How can I increase my downloads?