Philosophy of Management

Term Paper # 99601

Business > Applied Operations
Business > Management

An analysis of the theories of corporate management and corporate operations in the modern world.

1,634 words () | 4 sources | MLA | 2007 United States

Paper Summary:

This paper discusses the purpose of a corporation in the modern context. It considers not only the theories of corporate management, but also the realities of corporate operations in the modern world. From this perspective, this paper argues that the stakeholder theory of management should determine the purpose of the modern corporation as it is not only theoretically and ethically sound, but also effectively addresses real-world challenges in the area of modern corporate management.

From the Paper:

"In conclusion, it may therefore be said that the stakeholder theory of management represents the theoretical foundation upon which the reality of the modern corporation should be based. The recognition that the corporation's primary purpose should be the respecting and balancing of its relationships of mutual duty and responsibility with a wide range of stakeholders is therefore both a viable ethical model as well as a view that reflects the reality of corporate law and control in the modern world. Given the decline in management's fiduciary responsibility to shareholders throughout the 20th century, only stakeholder theory offers viable conditions for the continued existence of the corporation in the mid- and long-term future."

Sample of Sources Used:

Boatright, John. "What's so Special About Shareholders?"
Freeman, R. Edward. "A Stakeholder Theory of the Modern Corporation."
Friedman, Milton. "The Social Responsibility of Business Is to Increase Its Profits."
Hasnas, John. "Two Normative Theories of Business Ethics: A Critique."