ABSTRACT
The sudden emergence of the corporate social responsibility and stakeholder theory in the 1980s, as well as their growing influence since then, occurred in a very specific context characterized by the displacement of sovereignties and, consequently, of powers. This chapter explores a heuristic approach by seeking to move beyond both a description of the expectations expressed by stakeholders in terms of the actions of multinationals. A prescriptive and normative formulation of recommendations to multinationals stipulating what they should do in order to meet stakeholder expectations. The chapter addresses the power and principles in the market place. It examines how power is displaced and how principles are deconstructed with regard to globalization and multinationals. Multinationals are currently generating a great deal more profit from the global market than they did from the first phase of globalization which occurred at the start of the twentieth century.
