Does the Stakeholder Theory Constitute a New Kind of Theory of Social Responsibility?

In a recent paper, Kenneth Goodpaster formulates three versions of the stakeholder theory of corporate social responsibility. He rejects the first two versions and endorses the third. I argue that the theory that Goodpaster defends under the name “stakeholder theory” is a version (albeit a somewhat...

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Bibliographic Details
Main Author: Carson, Thomas L. (Author)
Format: Electronic Article
Language:English
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Published: Cambridge Univ. Press 1993
In: Business ethics quarterly
Year: 1993, Volume: 3, Issue: 2, Pages: 171-176
Online Access: Volltext (JSTOR)
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520 |a In a recent paper, Kenneth Goodpaster formulates three versions of the stakeholder theory of corporate social responsibility. He rejects the first two versions and endorses the third. I argue that the theory that Goodpaster defends under the name “stakeholder theory” is a version (albeit a somewhat different version) of Milton Friedman’s theory of corporate social responsibility. I also argue that the first two formulations of the stakeholder theory which Goodpaster discusses are at most only slight modifications of other theories. I conclude by formulating a fourth version of the stakeholder theory which I believe does constitute a substantial departure from earlier theories of social responsibility. 
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