Giving People a Stake in the Future

摘要

The political and economic tide has shifted away from the 'strong" versions of stakeholding developed in Germany and Japan after the war. Yet there remains a powerful case for forms of stakeholding that emphasise the role of trust and of implicit contracts in establishing competitive advantage. Business activity will lack public legitimacy where the objective of companies is defined exclusively in terms of shareholder value an hostile takeovers are the main discipline against managerial failure.