GMS 802 Lecture : chapter 3

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Political liberalization fall of communism, market reforms. Environmental stewardship taking better care of the world. Chapter 3: ethics, stakeholders, corporate strategy, and value creation. Advances in information technology brings vast improvements in productivity and innovation. Change only happens when the shareholders are unhappy. Business is a set of relationships among groups that have a stake (vested interest) in the activities of the business. The dominant model: managerial capitalism with shareholders at the center. Separation fallacy edward freeman suggests that most theories of business rely on separating business decisions from ethical decisions. It makes no sense to talk about business without talking about ethics. It makes no sense to talk about ethics without talking about business. It makes no sense to talk about either business or ethics without talking about human beings. Most business decisions, or statements about business, have some implicit ethical view. Most ethical decisions, or statements about ethics, have some implicit view about business.

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