chapter  14
17 Pages


Initially in this book, the case was made that the traditional understanding of capitalism is based on individualism and rights, and it was argued that this philosophical base of capitalism needs to be expanded to include the notions of community and responsibility. Efforts to broaden the responsibilities of business to include at least some notion of community and responsibility, such as social responsibility and stakeholder theory, were then discussed. These efforts proved to be largely unsuccessful because they ran aground on the shoals of this individualistic philosophy. While there was a broadening of responsibilities through the public policy process, which supposedly refl ects community interests, this effort ran up against the limitations of a rights-based approach. Likewise, ethical approaches have been limited in affecting corporate behavior because of their individualistic emphasis.