Explain the concept of stakeholder economy

Explain the concept of stakeholder economy "It is a stakeholder economy in which opportunity is available to all, advancement is through merit, and from which no group or class is set apart or excluded." Blair, January 1996 "A stakeholder economy is not about tying companies up in red tape. But it is about changing the culture of our industry, so that we can compete on the basis of quality and not only cost; on the long-term …

…would be for business leaders to change corporate culture. *Everybody has to opt in for the benefit of society, leading to a more collective approach. *The core focus area would be education, health service and pension provisions. These will be financed by progressive taxation. *Stakeholder economy would result in there being a referendum on proportional representation. *In 1996 British workers were 6% better off (after tax) than German workers, where there was a stakeholder economy in place.