Review of initial points from Goodpaster
a. Shareholder + Stakeholder
2. Structure and function of theory
a. The Tripartite Model
b. Each part is necessary but not enough on its own
c. No single part is dominant, but each should be considered to bring *all* important factors in
3. Argument for adding stakeholder thinking
a. Medtronic example (pg. 13-14)
Benefits and risks of stakeholder thinking
S.T. = considering the interests of all affected by the decision
a. Its less narrow than shareholder thinking, so more important interests are considered
2. Risks, pg. 18
a. It might accept uncritically the idea of stakeholder satisfaction
b. It might substitute aggregation of stakeholder satisfactions for normative principles that are
c. It focuses *exclusively* on satisfying the desires of the stakeholders
d. It says: Give the stakeholders what they want!!
e. Initial Problem:
i. Sometimes satisfaction comes into conflict with other important values
1. Related point: "give people what they want" is not always sound ethical advice
3. Examples of stakeholder-satisfaction in conflict with values.
a. Tobacco companies
i. Shareholders and stakeholders satisfied, but conflict with health/dignity
b. Payday loans
1. Question: What should we ask to shareholder + stakeholder thinking?
a. Initial answer: Comprehensive oral Thinking (CMT)
CMT = Thinking about human dignity and social justice
i. Why dignity and justice?
1. These values *cannot* be defined in terms of producing satisfaction
2. Dignity= the special value that every person has, just by virtue of being a person
3. Justice= equal respect for each individual, and fairness in how society's benefits
and burdens are shared
4. Considering these values goes beyond just trying to give stakeholders what they