Both Adam Smith and Herbert spencer, albeit in quite different ways, have been enormously influential in what we today take to be philosophies of modern capitalism. Surprisingly it is Spencer, not Smith, who is the individualist, perhaps an egoist, and supports a "night watchman" theory of the state. Smith's concept of political economy is a notion that needs to be revisited, and Spencer's theory of democratic workplace management offers a refreshing twist on contemporary libertarianism.

Sara Ruddick's Maternal Thinking represents a great contribution to moral philosophy-in particular, by bringing women's "private" virtues into the public sphere. However, there remain problems in the analysis which need to be addressed: How can one possibly generalize about the practice of mothering from one, necessarily limited, perspective, given the facts of cultural diversity? Is Ruddick's normative account of mothering congruent with the reflective judgments of others? Is her account of the transformation of parochial mothering into feminist peace work viable? (...) After exploring these three questions, this reviewer calls, with Ruddick, for the telling of more maternal stories, from different cultural, racial and economic perspectives. (shrink)

In this comment Ichallenge two of the arguments made in the paper, “Toward the Feminine Firm.” First I challenge the claim that Gilligan’swork on gender differences in moral orientation provides a logically and empirically sound foundation for an alternative theory of the firm. I cite recent work that discredits any concise notion of a feminine ethic. Second I challenge the claim that, if such a firm were to exist, it would flourish in a competitive market economy. I suggest that, far (...) from flourishing, such a firm will rapidly perish. (shrink)

The purpose of this paper is to enter the conversation about stakeholder theory with the goal of clarifying certain foundational issues. I want to show, along with Boatright, that there is no stakeholder paradox, and that the principle on which such a paradox is built, the Separation Thesis, is nicely self-serving to business and ethics academics. If we give up such a thesis we find there is no stakeholder theory but that stakeholder theory becomes a genre that is quite rich. (...) It becomes one of many ways to blend together the central concepts of business with those of ethics. Rather than take each concept of business singly or the whole of “business” together and hold it to the light of ethical standards, we can use the stakeholder concept to create more fine-grained analyses that combine business and ethics; or more simply, we can tell many more, and more interesting, stories about business. (shrink)

The purpose of this essay is to suggest that one of the dominant modes of thought in our society is a profound mistrust and misunderstanding of the role of business. A dominant myth in society is that business occupies the moral low ground, separate from ethics or a moral point of view. This position is characterized as the “business sucks” story, and the essay shows how the enactment of this story underlies business thinking among managers and business theorists. The essay (...) concludes with a suggestion to rethink and reinvent this story along more realistic and more empowering lines. Values based capitalism, or stakeholder capitalism, offers a better way to understand the complex role that business does and should play in modern society. (shrink)

Stakeholder theory has become one of the most important developments in the field of business ethics. While this concept has evolved and gained prominence as a method of integrating ethics into the basic purposes and strategic objectives of the firm, the authors argue that stakeholder theory has retained certain “masculinist” assumptions from the wider business literature that limit its usefulness. The resources of feminist thought, specifically the work of Carol Gilligan, provide a means of reinterpreting the stakeholder concept in a (...) way that overcomes many of the existing limitations. This reading provides a different understanding of the identity and meaning of the firm, specifically in terms of its relationship to stakeholder groups and what it means for a firm to succeed. The alternatives proposed also converge with recent trends in the wider management literature and provide practical guidance for firms which face a myriad of challenges in the increasingly complex and global marketplace. (shrink)

Stakeholder theory, as a method of management based on morals and behavior, must be grounded by a theory of ethics. However, traditional ethics of justice and rights cannot completely ground the theory. Following and expanding on the work of Wicks, Gilbert, and Freeman (1994), we believe that feminist ethics, invoking principles of caring, provides the missing element that allows moral theory to ground the stakeholder approach to management. Examples are given to support the suggested general principle for making business decisions (...) under feminist moral theory. (shrink)

This paper concerns the influence of gender on a firm’s moral and economic performance. It supports Thomas White’s intimation of a male gender bias in the value system underlying extant business theory. We suggest that this gender bias may be corrected by drawing on the concept of substantive rationality inherent in virtue-ethics theory. This feminine-oriented relationship-based value system complements the essential nature of the firm as a nexus of relationships between stakeholders. Not only is this feminine firm morally desirable, but (...) it is also economically more efficient in that trust becomes a more feasible implicit contractual enforcement mechanism. In an organizational context, therefore, from both a moral and an economic perspective, long established economic man is dominated by nascent economic woman. (shrink)

This paper concerns the influence of gender on a firm’s moral and economic performance. It supports Thomas White’s intimation of a male gender bias in the value system underlying extant business theory. We suggest that this gender bias may be corrected by drawing on the concept of substantive rationality inherent in virtue-ethics theory. This feminine-oriented relationship-based value system complements the essential nature of the firm as a nexus of relationships between stakeholders. Not only is this feminine firm morally desirable, but (...) it is also economically more efficient in that trust becomes a more feasible implicit contractual enforcement mechanism. In an organizational context, therefore, from both a moral and an economic perspective, long established economic man is dominated by nascent economic woman. (shrink)

In this comment Ichallenge two of the arguments made in the paper, “Toward the Feminine Firm.” First I challenge the claim that Gilligan’swork on gender differences in moral orientation provides a logically and empirically sound foundation for an alternative theory of the firm. I cite recent work that discredits any concise notion of a feminine ethic. Second I challenge the claim that, if such a firm were to exist, it would flourish in a competitive market economy. I suggest that, far (...) from flourishing, such a firm will rapidly perish. (shrink)