stakeholding

   A concept deriving from management theory, by which it was suggested that a firm’s obligations are not just to the shareholders to maximise company profits, but also to others with a stake in the enterprise, notably employees, customers, suppliers and the community it serves. In the stakeholder society, everyone has a stake and nobody is excluded. In politics, the term was made fashionable by economist Will Hutton and taken up by Tony Blair and New Labour, spokespersons for whom inclusion became a key buzz word. Hutton was influenced by the perception that the heavy emphasis upon the free market during the Conservative years had created a society in which there was a widening gap between rich and poor, with consequent social division and a growing sense of exclusion among those who were deprived or insecure.

   Further reading: W. Hutton, The State We’re ln, Vintage, 1996