This paper offers directions for the continuing dialogue between business ethicists and environmental philosophers. I argue that a theory of corporate social responsibility must be consistent with, if not derived from, a model of sustainable economics rather than the prevailing neoclassical model of market economics. I use environmental examples to critique both classical and neoclassical models of corporate social responsibility and sketch the alternative model of sustainable development. After describing some implications of this model at the level of individual firms (...) and industries, I offer an ethical justification of the sustainability alternative that is derived from the same values that underlie traditional market economics. (shrink)

The theory of the social responsibility of the firm oscillates between two extremes: one that reduces the firm's responsibility to the obtainment of (the greatest possible) profit for its shareholders, and another that extends the firm's responsibility to include a wide range of actors with an interest or "stake" in the firm. The stakeholder theory of the social responsibility of business is more appealing from an ethical point of view, and yet it lacks a solid foundation that would be acceptable (...) to a variety of schools of thought.In this paper I argue that the stakeholder theory could be founded on the concept of the common good. First, I explain the foundations of the theory of the common good, the concept itself, how it relates to the individual good, and its role in the firm. Following that, I explain how the theory of the common good could be applied to the stakeholder theory. Finally, I draw some conclusions. (shrink)

Following on from work on stakeholder identification, this paper constructs a typology of stakeholder theories based on the extent to which serving the interests of non-shareholders relative to those of shareholders is accepted as a responsibility of companies. A typology based on the division of stakeholder theories into normative, descriptive, and instrumental is rejected on the grounds that the latter two designations refer to second order theories rather than divisions within stakeholder theory and the first is a designation which, for (...) the purposes of business ethics, applies to all stakeholder theories. The crucial distinction between stockholder and stakeholder theory is argued to be their respective rejection and acceptance of role-specific responsibilities toward non-shareholders that are `ultimate objective fulfilling''. From this starting point, a typology is constructed using a division of stakeholder theories into those which do and do not give priority to the interests of shareholders over those of non-shareholders, do and do not posit perfect duties towards non-shareholders as well as shareholders, do and do not accept accountability to non-shareholders as well as shareholders. (shrink)

In order to ensure that corporations act in socially responsible ways. R. Freeman says that firms should be legally required to act in accordance with the directives of a moral theory which he developed especially for business – a theory which has come to be called "normative stakeholder theory" (NST). I argue that NST fails as a moral theory and that this failure indicates: (1) that we should abandon the quest to develop a special moral theory for use in business, (...) and (2) that we should not attempt to impose the use of any moral theory upon business, but rather should allow corporations to determine their moral responsibilities in any way they see fit. (shrink)

It is the purpose of this study to identify the most-referenced authors, works, periodicals and publishers in business ethics. A computer analysis was made of over eight hundred references taken from fifty-seven recent articles. The result is a special type of bibliography designed to conserve time for readers in this field. The two most-cited authors were Milton Friedman and Christopher Stone; while the most-referenced works were Where the Law Ends by Stone, Is the Ethics of Business Changing? by Brenner and (...) Molander, and Ethical Theory and Business edited by Beauchamp and Bowie. (shrink)