Competitive Markets, Corporate Firms, and New Governance - An Ordonomic Conceptualization

The purpose of this article is to develop an ordonomic conceptualization of corporate citizenshipand new governance that (a) provides a framework for positively explaining thepolitical participation of companies in new governance processes and (b) does not weakenbut instead strengthens the functional role of corporations as economic actors in the marketsystem of value creation. To this end, we develop our ordonomic approach in a critical discussionof Milton Friedman’s stance on the social responsibility of business in three steps.[...]