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  • 3 - The Corporation and the EU Social Market Economy

  • from Part I - The Objectives of the EU’s Social Market Economy Revisited
  • Edited by Beate Sjåfjell, University of Oslo, Georgina Tsagas, Brunel University London, Charlotte Villiers, University of Bristol
  • Book:
    Sustainable Value Creation in the European Union
    Published online:
    01 December 2022
    Print publication:
    15 December 2022, pp 58-86

  • Summary

    The US is often placed within a liberal-utilitarian model and the EU is often positioned within a social model. In corporate law theory, this distinction is presented as contractarianism versus communitarianism. The latter has traditionally represented the EU’s approach to corporate regulation, while the former represents the US approach. Rather than adhere to such neat divisions and other binary choices such as regulatory models versus voluntarist models such as the corporate social responsibility model, this chapter argues that the true resolution of difficulties associated with capitalism lies in the development of a new theoretical framework driven by an ethical challenge to those acting behind the corporate veil or under its shadow. This chapter exhorts that if we move on from binary divisions and present a meaningful ethical challenge to corporate actors such as shareholders and management, we can ensure better outcomes.