Stakeholder Theory and Organizational Ethics

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Chapter 4Stakeholder Theory and Its Critics

Ethics has long been a part of the study of economics and commercial interaction. Adam Smith and John Stuart Mill (to name but two of the better known) are as well known for their thinking on matters of moral philosophy as they are of their work on political economy. As the study of economics proceeded, however, it became an ever more technical discipline with the concomitant deemphasis of that which could not be measured, including concern over morals. In On Ethics and Economics, Nobel laureate Amartya Sen comments unfavorably on the schism that has evolved between the two intimately connected disciplines. ...