“The Stakeholder Approach to Basic Economic and Social Rights: International Law and the Case of Milton Friedman versus R. Edward Freeman”

  In a previous article, Stakeholder Theory and the Logic of Value Concepts: Challenges for Contemporary International Law, published in International Studies Journal (ISJ) in۲۰۱۱, the authors outlined the general premises for stakeholder theory applications and international human rights law. However, the challenges that pertain to economic/social rights were not addressed in detail. In this article, therefore, the authors provide a comparative analysis of narrow (or classical) versus broad (or modern)stakeholder theory with a specific view to determining the status of basic economic/social rights in the context of international human rights law. Narrow stakeholder theory is illustrated by Milton Friedman’s framework, whereas the main ideasand thoughts that define the broad alternative are derived from the work of R. Edward Freeman. While the authors primarily endeavor to outlinethe single most crucial premises and implications of application, they are also hoping to inspire discussion about future developments, especially since it could be argued that the stakeholder theory that has the best fit with United Nations norms and strategies may be conducive to a business as usual conclusion.

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