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Stakeholder Theory as a Basis for Capitalism

In: Corporate Social Responsibility and Corporate Governance

Author

Listed:
  • R. Edward Freeman
  • Andrew C. Wicks
  • Bidhan Parmar

Abstract

For the past 25 years, a group of scholars has developed the idea that a business has stakeholders - that is, there are groups and individuals who have a stake in the success or failure of the business. There are many different ways to understand this concept, and there is a burgeoning area of academic research in both business and applied ethics on so-called ‘stakeholder theory’. This literature seems to represent an abrupt departure from the usual understanding of business as a vehicle to maximize returns to the owners of capital. This more mainstream view, call it ‘shareholder capitalism’, or ‘the standard account’, has come under much recent criticism, and the ‘stakeholder view’ is often put forward as an alternative.

Suggested Citation

  • R. Edward Freeman & Andrew C. Wicks & Bidhan Parmar, 2011. "Stakeholder Theory as a Basis for Capitalism," International Economic Association Series, in: Lorenzo Sacconi & Margaret Blair & R. Edward Freeman & Alessandro Vercelli (ed.), Corporate Social Responsibility and Corporate Governance, chapter 3, pages 52-72, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-30211-2_3
    DOI: 10.1057/9780230302112_3
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    Cited by:

    1. Giacomo Degli Antoni & Marco Faillo & Lorenzo Sacconi & Pedro Francés-Gomez, 2016. "Distributive Justice with Production and the Social Contract. An Experimental study," Econometica Working Papers wp60, Econometica.
    2. Leonard-Călin Abrudan & Mirabela-Constanța Matei & Maria-Madela Abrudan, 2021. "Towards Sustainable Finance: Conceptualizing Future Generations as Stakeholders," Sustainability, MDPI, vol. 13(24), pages 1-21, December.

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