Stakeholder theory and spirituality

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Notes

1. Note that Friedman in his critique of Corporate Social Responsibility (CSR), a construct that many saw as the best way to “bring ethics” to business, noted that there was a core difference between the economic and social aspects of business – that the former were the province of management; the latter were rightly best left to private citizens, politicians, and NGOs (see Friedman 1970).

2. For instance, see Greenspan’s testimony before Congress after the Financial Crisis of 2008. Also, note Jensen’s comments at the Academy of Management in Philadelphia, on a panel with Freeman and Donaldson where he extolled the virtues of stakeholder theory and underscored that these discussions were far more important than anything being written in finance. Welch did an interview with the Financial Times in 2009 and said maximizing shareholder value was the dumbest idea in the world.