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The limits of business
Jones, Marc T.
Jones, Marc T.
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Abstract
Current popular debates in both Australia and the United States on the topics of ‘jobless recoveries’ and the outsourcing of skilled IT jobs to India evidence a confusion as to the institutional role of the business firm and its obligations to the broader stakeholder community. This paper will take up several issues in the hope of clarifying this confusion, including the essential nature of the business firm as an economic, political and social institution; the possibilities for social responsibility and stakeholder management in large and small firms; the critical differences on these matters between Anglo-Saxon, European, and Japanese companies; the implications of globalization for the future role of business; and the consequent case for a reinvigorating of institutional pluralism in Anglo-Saxon societies in the interests of all stakeholders. At this point in time, unfortunately, it seems that the hegemony of economic rationality will continue to expand its boundaries and more progressive possibilities will remain conceivable rather than achievable.
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