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The conflict between agency and stakeholder theories of the firm has long been entrenched in organizational and management literature. At the core of this debate are two competing views of the firm in which assumptions and process contrast each other so sharply that agency and stakeholder views of the firm are often described as polar opposites. The purpose of this paper is to show how agency theory can be subsumed within a general stakeholder model of the firm. By analytically deconstructing (...) the assumptions of agency theory, it is argued that agency theory: (1) must include a recognition of stakeholders; (2) requires a moral minimum to be upheld, which places four moral principles above the interests of any stakeholders, including shareholders; (3) consists of contradictory assumptions about human nature and which give rise to the equally valid assumptions of trust, honesty and loyalty to be infused into the agency relationship. In this way, stakeholder theory is argued to be the logical conclusion of agency theory. Empirical hypotheses are presented as a means to substantiate this claim. (shrink) | |
I will, in this paper, set out the philosophical foundations and the basic structure of a new theory of justice. I will argue that both these foundations and the theory which is based upon them are intuitively attractive and theoretically sound. Finally, I will argue that both are supported by the fact that they lead to attractive implications such as the following: One can justify at least some governmental redistributive programs which presuppose that those receiving the wealth have a right (...) to it, without being committed to any form of egalitarianism. The justification for these redistributive programs respects property entitlements; it argues, in effect, that property entitlements and rights to some redistribution of wealth presuppose each other, rather than being in conflict with each other. The amount of redistribution to which each indigent person is entitled is directly proportional to the wealth of the society in question and inversely proportional to the number of indigents in the society in question. There are at this stage in the history of Western thought few entirely new ideas in philosophy. Too much has been written about the important issues to allow for entirely new approaches. My theory is no exception to these generalizations, for it draws upon the tradition of John Locke, of the agrarian reforms such as Paine, Spence, and Ogilvie, and of libertarian writers such as Robert Nozick. Nevertheless, I will argue, the resulting theory is a significant advance over the ideas of these earlier writers. (shrink) | |
A question that has recently attracted considerable attention is this: What is the nature and significance of the normative relationship a person bears to herself ? On one view, it is held that persons are self-owners : as Locke put it in one of the more famous passages in the Second Treatise : [E]very man has a property in his own person : this no body has any right to but himself. The labour of his body, and the work of (...) his hands, we may say, are properly his. (shrink) | |
Today, sustainable relations with a broad range of key stakeholders are not only important from a normative business ethics perspective, but also from an entrepreneurial viewpoint to allow and support the long-term survival of a firm. We will argue that the traditional conception of a firm’s corporate social responsibility does not reflect this view and that a comprehensive and dynamic conception of a firm’s responsibilities is necessary to map the reality of business practice and to manage the challenges implied by (...) sustainability. We think that distributive justice, that is the way in which firms involve their stakeholders in their wealth creation and dissemination processes, provides a comprehensive understanding of corporate responsibilities. Concerning procedural justice, we will discuss how firms involve stakeholders in their strategic processes according to their contribution to wealth creation. In the course of the article, we will propose a framework along with three design principles that can be used for shaping dynamic and comprehensive corporate responsibilities, and which thereby allow a sustainable procedure for changing business and non-business environments. (shrink) | |
Eighty percent of (commercial) genetically engineered seeds (GES) are designed only to resist herbicides. Letting farmers use more chemicals, they cut labor costs. But developing nations say GES cause food shortages, unemployment, resistant weeds, and extinction of native cultivars when “volunteers” drift nearby. While GES patents are reasonable, this paper argues many patent policies are not. The paper surveys GE technology, outlines John Locke’s classic account of property rights, and argues that current patent policies must be revised to take account (...) of Lockean ethical constraints. After answering a key objection, it provides concrete suggestions for implementing its ethical conclusions. (shrink) | |
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This essay presents a dialogical framework for treating philosophical disagreements as persuasion dialogues with analogical argumentation, with the aim of recasting philosophical disputes as disagreements over analogies. This has two benefits: it allows us to temporarily bypass conflicting metaphysical intuitions by focusing on paradigmatic examples, similarities, and the plausibility of conclusions for or against a given point of view; and it can reveal new avenues of argumentation regarding a given issue. This approach to philosophical disagreements is illustrated by studying the (...) role of argumentation by analogy in disputes over Lockean justifications of intellectual property rights, and disagreements over whether artificial agents should be treated as moral agents. Finally, a nonexhaustive list of possible global and local points of contention over analogical arguments is identified in order to highlight potential avenues of argumentation in disagreements over analogies. (shrink) |
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