Society in relation to Stakeholder Theory
Introduction: Although capitalism is the favoured means of shaping the economy at the end of the twentieth century, significant disagreements concerned with the fundamental purpose of businesses still persist. The classical Friedmanite view of the profit-maximizing motive as the sole means of fulfilling 'social responsibilities' has been countered by Freeman's stakeholder approach. This new rationale advocates that all stakeholders have equal stake that decision makers have to consider. Freeman's stakeholder approach argues that the classical …
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