Corporate Responsibility, Business Motivation, and Reality

Henry G. Manne
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Henry G. Manne: George Washington University School of Law

The ANNALS of the American Academy of Political and Social Science, 1962, vol. 343, issue 1, 55-64

Abstract: There is a growing belief that the traditional separation of the private and public sectors of our society is becoming blurred. Corporate theorists have offered a variety of philosophies to replace the discarded notions of market constraints. The school of business statesmanship, for which Professor Adolf Berle is the most articulate spokesman, looks to business executives to fulfill corporate responsibilities other than those traditionally owed to shareholders. Corporate man agers, too, have voiced their acceptance of this new role, but the realities of business and politics belie their stated motiva tions for many allegedly altruistic acts. And, although the evi dence is not clear, the discernible pattern of individual incen tives and restraints suggests the same conclusion. The alleged acts of corporate statesmanship do not actually represent basic changes in the nature of American enterprise. It is more likely that they indicate the political vulnerability of industry today and the extent to which governments use both the car rot and stick to gain desired results from business. The ac quiescence of corporate leaders in the philosophy of business responsibility could ultimately result in the enforcement of such notions as legal obligations.

Date: 1962
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Persistent link: https://EconPapers.repec.org/RePEc:sae:anname:v:343:y:1962:i:1:p:55-64

DOI: 10.1177/000271626234300108

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