A plea is made for an internationalization not only of business, but also of management theories, as a way of enriching theories at the national level. Three such indiosyncracies are mentioned: a stress on market processes, a stress on the individual, and a focus on managers rather than on workers. management theories contain a number of idiosyncracies not necessarily shared by management elsewhere. One practical application of the model is in demonstrating the relative position of the U.S. A model in which worldwide differences in national cultures are categorized according to five independent dimensions helps in explaining the differences in management found although the situation in each country or region has unique characteristics that no model can account for. The reader is invited on a trip around the world, and both local management practices and theories are explained from the different contexts and histories of the places visited: Germany, Japan, France, Holland, the countries of the overseas Chinese, South-East Asia, Africa, Russia, and finally mainland China. In other parts of the world not only the practices but the entire concept of management may differ, and the theories needed to understand it, may deviate considerably from what is considered normal and desirable in the USA. Management as the word is presently used is an American invention. The fiduciary duty to firmsÕ owners is the bedrock of capitalism, and capitalism will wither without it. This paper defends the intellectual and ethical merits of fiduciary duties, and compares and contrasts it to the stakeholder paradigm. The list of cited stakeholders is ill-defined and expanding, including non-human animals and non-sentient things.
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Friedman maintains that: ÒÉ there is one and only one social responsibility of businessÑto use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition, without deception or fraud.Ó All other paradigms argue that corporations have social responsibilities that extend beyond the pursuit of shareholder benefits to stakeholders. However, it is possible to distinguish the fiduciary obligations owed to shareholders, as expressed by Milton Friedman, from all other paradigms of corporate responsibility. Calls for corporate social responsibility are widespread, yet there is no consensus about what it means this may be its charm.
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