Peter Drucker & Will Hutton developed and articulated theories of stakeholder constraints on corporate behaviour. Of course, as far as Marx was concerned the only moderator of corporate behaviour was the proletariat, the organised working class; but these later theorists argue that suppliers, consumers and neighbours/regulators are also now inhibiting factors on the company with in my version of the model, neighbours and their law enforcement entities should be having a final word. Law enforcement should be interpreted broadly to include the HSE, HMRC (for low wages and tax compliance), the Equal Opportunities Commission and now the Information Commissioner’s Office. Much of consumer and environmental protection is enforced by local authorities.

The development of feminism, and latterly green (consumerist) responses to companies, including now, campaigns against climate change are new factors in the neighbourly and employee stakeholder constraints upon the company.

Hutton has expressed his views more recently in Hutton 1999,The Stakeholding Society: Writings on Politics and Economics, ISBN: 978-0-745-62078-7 January 1999 Polity.

Drucker’s most famous work might be, Drucker, P.F. (1955) The Practice of Management. Heinemann, London.

New-ish corporate stakeholders
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