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A New Institutional Economics Perspective on Industry Self-RegulationIntroduction and Problem Exposition

A New Institutional Economics Perspective on Industry Self-Regulation: Introduction and Problem... [During the last three decades, the corporation as an institution has increasingly become an object of solicitude in western capitalist societies. In particular, it is the concern that corporations and the industries they constitute create negative externalities for society, that is, they are detrimental to social welfare. Shaped by the experience with large-scale corporate and industry scandals, the impression that some corporations violate and degrade the moral belief system of society in their effort to generate profits has been raised. This development is most visibly reflected in the formation of non-governmental organizations (NGOs) and related civil society organizations that articulate ethical beliefs and translate them into demands which, although possibly concerned with different spheres and parts of society, at the core share the same idea: For the sake of social welfare, the economic producing of individuals must not violate the moral belief system of the society the individual is part of. Put differently, economic prosperity should not compromise the extent to which other values are realized, and business must not confine society in its ability to be, for example, just, equitable, sustainable, or caring for the environment.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A New Institutional Economics Perspective on Industry Self-RegulationIntroduction and Problem Exposition

Sammeck, Jan
Springer Journals — Nov 5, 2011
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7 pages

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Publisher
Gabler Verlag
Copyright
© Gabler Verlag | Springer Fachmedien Wiesbaden GmbH 2012
ISBN
978-3-8349-3541-0
Pages
1 –8
DOI
10.1007/978-3-8349-3542-7_1
Publisher site
See Chapter on Publisher Site

Abstract

[During the last three decades, the corporation as an institution has increasingly become an object of solicitude in western capitalist societies. In particular, it is the concern that corporations and the industries they constitute create negative externalities for society, that is, they are detrimental to social welfare. Shaped by the experience with large-scale corporate and industry scandals, the impression that some corporations violate and degrade the moral belief system of society in their effort to generate profits has been raised. This development is most visibly reflected in the formation of non-governmental organizations (NGOs) and related civil society organizations that articulate ethical beliefs and translate them into demands which, although possibly concerned with different spheres and parts of society, at the core share the same idea: For the sake of social welfare, the economic producing of individuals must not violate the moral belief system of the society the individual is part of. Put differently, economic prosperity should not compromise the extent to which other values are realized, and business must not confine society in its ability to be, for example, just, equitable, sustainable, or caring for the environment.]

Published: Nov 5, 2011

Keywords: Corporate Social Responsibility; Supply Chain; Corporate Social Responsibility Activity; Negative Externality; Corporate Citizenship

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