The Evolution of Capitalism from Shareholders-Centered to Stakeholders-Centered.

Dublin Core


Calderón Droguett, Tomás Ignacio


The Evolution of Capitalism from Shareholders-Centered to Stakeholders-Centered.

Date Issued



B corporation
Hybrid Companies
New Economies
Benefit corporation


"Nowadays we are finding a disconnection between business and society. This is mainly produced because shareholders are centered on increasing their financial value in the short-term, and because of the fiduciary responsibility that obligates management teams to defend the interest of shareholders over any other interest. As a product of this problem, decades ago, Corporate Social Responsibility (CSR) was created, but it has been mostly a marketing tool rather than a social commitment. The evolution of the Internet into the Web 2.0 is creating a new type of consumer, who is much more involved in how businesses are creating value on their purchases. The new type of consumer is also more empowered about their purchasing decisions. This has produced the need in companies to find a new way to evolve and provide their services according with the needs of this new type of consumer. As a result of the lack of commitment that the old entrepreneur has about social problems and new consumers, a new type of company is appearing as a hybrid between non-governmental organizations (NGO)/non-profit and private/for-profit organizations. These new companies are moving their creation of value from a shareholder-centered model to a stakeholder-centered one. This dissertation is based on academic works and interviews with key people from Scotland and Chile, who are involved in this area. It will first analyze and explain the evolution that businesses should have from shareholder-centered to stakeholdercentered. This work will then discuss how it could be possible to increase the decision power of consumers to accelerate the change from financial-value to socialvalue driven companies. As a result of this work, the relevance of communication tools, certifications, education, and government to the further success of this evolution to a more longterm business culture will be explained."