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Social economy and stakeholder theory, an integrative framework for socialization of the capitalism

Author

Listed:
  • José Luis Retolaza

    (Institute of Applied Business Economics (IEAE. UPV/EHU))

  • Leire San-Jose

    (Universidad del País Vasco (UPV/EHU))

Abstract

In this article we set out to resolve the theoretical foundation of the Social Economy and its permeability with the capitalist economy by integrating the Social Economy paradigm with Stakeholder Theory, thus generating a reciprocal benefit. The alignment of resources and capabilities in accordance with social good, characteristic of the Social Economy, will furnish the ontological perspective of the Stakeholder Theory with a stronger grounding, distancing it from the instrumental perspective. It will also imbue it with a special concern for the social pole, frequently relegated in favour of other stakeholders. Rooting the Social Economy within the Stakeholder Theory makes at least three significant contributions to the former. Firstly, questioning Theory of Property Rights, secondly making it possible to give a systematic foundation to the concept of “families”, and thirdly setting off positive permeability between the Social and the Capitalist Economy. It enables progress in the socialisation of capitalism.

Suggested Citation

  • José Luis Retolaza & Leire San-Jose, 2011. "Social economy and stakeholder theory, an integrative framework for socialization of the capitalism," CIRIEC-España, revista de economía pública, social y cooperativa, CIRIEC-España, issue 73, pages 193-211, October.
    • Handle: RePEc:cic:revcir:y:2011:i:73:p:193-211
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    References listed on IDEAS

    as
    1. Michael C. Jensen, 2010. "Value Maximization, Stakeholder Theory, and the Corporate Objective Function," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 32-42, January.
    2. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    3. Jose Luis Retolaza & Maite Ruiz & Leire San‐Jose, 2009. "CSR in business start‐ups: an application method for stakeholder engagement," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 16(6), pages 324-336, November.
    4. Maria Bonnafous-Boucher & Simon Porcher, 2010. "Towards a stakeholder society: Stakeholder theory vs theory of civil society," Post-Print hal-02145808, HAL.
    5. Néron, Pierre-Yves & Norman, Wayne, 2008. "Citizenship, Inc. Do We Really Want Businesses to Be Good Corporate Citizens?," Business Ethics Quarterly, Cambridge University Press, vol. 18(1), pages 1-26, January.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Jose-Luis Retolaza & Leire San-Jose & Maite Ruiz-Roqueñi, 2014. "Ontological Stakeholder View: An Innovative Proposition," Global Business Review, International Management Institute, vol. 15(1), pages 25-36, March.

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    More about this item

    Keywords

    Social Economy; Ontological Stakeholder Theory; Business Ethics; Integrative Social Stakeholder Model; Participation; Governance.;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • P13 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Cooperative Enterprises
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness

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