The stakeholder theory in the fourth industrial revolution

This study reviewed the Stakeholder Theory intending to investigate its usefulness in combating the challenges that affect the world in the fourth industrial revolution. The problems highlighted include cyber warfare, cybersecurity, hacking, climate change, inequality, digital exclusion and job losses. The study discovered that if the doctrine of the stakeholder theory is properly incorporated in the companies operating in the fourth industrial revolution, good capitalism, normally referred to as stakeholder capitalism, can emerge. Stakeholder capitalism will result in collaboration among various stakeholders, and this can help in addressing global challenges. The study found that when companies embrace stakeholder capitalism, they serve society at large through various activities, supporting the communities within which they operate and paying a fair share of taxes. The payment of tax can help address inequality. Taxes will be used by the governments to fund various social welfare projects that would help reduce the gap between the rich and the poor. In short, it is recommended that the doctrine and principles of the stakeholder theory be embraced by organizations so that the world will have good capitalism, which will assist in solving global challenges affecting the world today.