The stakeholder debate continues unabated in Britain in various arenas of public life and activity. “While recognising the societal holism of the stakeholder concept this article concentrates on the debate at a business level, discussing whether stakeholding is ethical, attainable, or even appropriate to business corporations”. The author is completing his MBA at London Business School and has a background of consulting in organisational and IT analysis.

Elaine Sternberg's Just Business is one of the first book-length Aristotelian treatments of business ethics. It is Aristotelian in the sense that Sternberg begins by defining the nature of business in order to identify its end, and, thence, normative principles to regulate it. According to Sternberg, the nature of business is 'the selling of goods or services in order to maximise long-term owner value', therefore all business behaviour must be evaluated with reference to the maximisation of long-term owner value, constrained (...) only by considerations of ordinary decency and distributive justice. This stands in sharp contrast to recently popular 'stakeholder' approaches to business decision making. I argue that Sternberg's definition of business, particularly in its maximising and long-term conditions, is flawed, that her teleological method raises more questions than it solves, and that her Aristotelianism cannot be wedded happily to her libertarianism. (shrink)