Interconnectedness and the self in Indian thought and implications for stakeholder theory

Abstract

During the European Enlightenment, the notion of an “economic self” (homo economicus)—an individual, autonomous, benefit-maximizing, rational decision-maker—was born. This understanding of the human as rational actor lies at the core of free market capitalism today. In the 1990s, stakeholder management theorists, in seeking new metaphors to understand firm–stakeholder behavior, turned to other social sciences such as feminist theory with its conceptualization of the relational self. In this study, I argue that a detailed and nuanced understanding of the concept of interconnectedness as presented in Vedic and early Buddhist traditions can, like feminist theory, be applied to the revisioning of the self as relational, interdependent and co-creative. These insights as afforded through the lens of Indian philosophies can contribute to the advancement of stakeholder theory and management by providing a substantiated platform for discussion of the interconnected stakeholder self—a dynamic, collaborative participant in the stakeholder ecosystem. An advancement of stakeholder theory that incorporates both feminist and non-Western epistemologies can enhance understanding of the purpose and success of business as “conscious” and linked to the optimization of sustainable collective value.