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Updated: May 27, 2025
The perpetrators of the recent spate of financial frauds in the USA acted with callous disregard for both their employees and shareholders not to mention other stakeholders. Psychologists have often remote-diagnosed them as "malignant, pathological narcissists".
The presumed ability of stakeholders to discipline risky enterprises, hazardous financial institutions, and profligate sovereigns is fallacious. Asset selection within a well balanced and diversified portfolio is also a bit of a daydream. Information even in the most regulated and liquid markets is partial, distorted, manipulative, and lagging.
The invisible hand must be firmly clasped and guided by functioning and impartial institutions, an ingrained culture of entrepreneurship and fair play, classes of stakeholders, checks and balances and good governance on all levels. Wealth, behavioral standards, initiative, risk seeking do not always "trickle down". To get rid of central planning more central planning is required.
Upon this curved end was tightly fastened a network of thongs of untanned deerskin, drawn until they were rigid and taut. The ball with which they were to play was made of closely wrapped elastic skins, and was about the size of an ordinary apple. At the end of the lines, but about midway between them, sat the chiefs, who, besides being judges and stakeholders, were also score keepers.
The first is "open source-free access" versus proprietary technology and the second revolves around the role of technological progress in re-defining relationships between stakeholders. Both issues are related to the inadvertent re-engineering of the corporation. Modern technology helped streamline firms by removing layers of paper-shuffling management.
Only when other facts were forced upon their attention, and they learned that the game won had been really lost, did they notice his departure, and then it was too late. In the midst of their rejoicing some one called for the stakeholders to share in the festivity. The proprietor of the Rest was present, but he misunderstood the suggestion, and thought the men wanted the stakes handed over.
The gentlemen outsiders were the honor-saving committee from Finsbury, the members of which declared themselves large stakeholders in the game at the Treasury.
These heaps represented great wealth to the Iroquois, and the older chiefs sat beside them in the capacity of stakeholders and judges. The combatants, ranged in two long rows, numbered at least five hundred on each side, and already they began to show an excitement approaching that which animated them when they would go into battle.
Chance is very well for betting-men, but will not do for the respectable betting-office keepers, who are the stakeholders. The plan adopted is a very simple one, but ingenious in its simplicity. The betting-office takes a great dislike in its own mind to a particular horse, the favourite of the betting-men.
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