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Stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization. It was originally detailed by Freeman in the book Strategic Management: a Stakeholder Approach, and identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due ...
Business ethics operates on the premise, for example, that the ethical operation of a private business is possible—those who dispute that premise, such as libertarian socialists (who contend that "business ethics" is an oxymoron) do so by definition outside of the domain of business ethics proper.
Examples of a company's internal and external stakeholders Protesting students invoking stakeholder theory at Shimer College in 2010. The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. [1]
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
Smith, A. (1759), The Theory of Moral Sentiments, in Adam Smith's Moral and Political Philosophy, edited by H. Schneider, Harper, New York, 1948 and 1970. Strasnick, T. (1981) "Neo-utilitarian Ethics and the Ordinal Representation Assumption", in Philosophy in economics , edited by J. Pitt, Reidel Publishing.
Madhyamaka – Mahayana Buddhism- Manichaeism – Maoism – Marburg school – Marxism – Marxist humanism – Marxism–Leninism – Marxism–Leninism–Maoism – Marxist philosophy of nature – Materialism – Mathematicism – Mathematics education, philosophy of – Mathematics, philosophy of – Maxim (philosophy) – Medical ethics ...
In addition to his works on ethical theory, Darwall has worked on the history of ethics with publications like The British Moralists and the Internal ‘Ought’: 1640-1740 (1995) [12] and Modern Moral Philosophy: From Grotius to Kant (2023), the first in a planned series tracing the development of moral philosophy through the twentieth century.
The theories of organizations include bureaucracy, rationalization (scientific management), and the division of labor. Each theory provides distinct advantages and disadvantages when applied. The classical perspective emerges from the Industrial Revolution in the private sector and the need for improved public administration in the public sector.