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how should business act? - Coggle Diagram
how should business act?
for a long time, the answer was: business should follow Instrumental Stakeholder Theory
but this has limits
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early IST said stakeholders should be "ends" not "means" - so businesses should do what they do to serve these stakeholders, not use the stakeholders to achieve other goals.
businesses are social institutions to "serve social purposes" and their network of stakeholders, not themselves/shareholders.
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