The Idea of a Stake
| DOI | 10.1111/1467-9256.00102 |
| Published date | 01 September 1999 |
| Author | Rajiv Prabhakar |
| Date | 01 September 1999 |
| Subject Matter | State of the Art |
of the
ART
State
The Idea of a Stake
Rajiv Prabhakar
This paper focuses on illuminating the idea of
undermining any powerful explanatory con-
a stake within stakeholding discourse. To do
tent that it might have. To the extent that the
this involves forming a prior conception of
latter ought to be a focus for our attention,
what stakeholding constitutes. Focusing on
this article therefore is motivated by an
the individual strand in stakeholding, it will
attempt to analyse more closely what stake-
argue that this is best seen as left popular
holding might imply. If stakeholding is to
capitalism. Core to this is a developmental
constitute a new political economy, it is
view of the self, which occurs through the pos-
necessary to be clear what it means. In parti-
session of stakes. This philosophical anthro-
cular I focus on a (if not the) core concept in
pology conditions the form and content of
stakeholding discourse, namely the idea of a
what stakes are oered.
stake.
Here I set out to outline and examine a
Bernard Williams has argued, `If you consider
particular interpretation of stakeholding as
theories in general, you usually ®nd that if
left popular capitalism within the United
they are capable of very powerful explanatory
Kingdom. An understanding of stakeholding
applications, it is quite hard to apply them
in these terms was expressed (if not fully
vacuously; whilst if they are easy to apply
articulated) by Gavin Kelly who, when review-
vacuously, it is hard to make them yield pow-
ing John Plender's (1997) Stake in the
erful explanations elsewhere. The power to
Future, wrote `Stake in the Future makes a
explain, and the possibility of vacuity, are
signi®cant contribution to the spate of books
usually related to each other inversely' (Wil-
seeking to ¯esh out the stakeholder theme.
liams, 1995, p. 90). This diagnosis seems at
. . . If the centre left is to invent its own
®rst sight to capture much of the problem
notion of popular capitalism this would be a
regarding stakeholding. As Andrew Gamble et
good place to start' (Kelly, 1997, p. 163). On
al have noted, `Almost everything it seems has
this understanding, it is ironic for the centre
a stakeholder dimension: stakeholder capital-
left that an early version of a stakeholder
ism, stakeholder government, stakeholder
society occurred within the right, during
Europe, stakeholder society, stakeholder
Thatcherism. Indeed, possibly one of the ®rst
economy', (Gamble et al, 1997, p. 238).
explicit statements of stakeholding in modern
There is a danger, therefore, that the idea
British political economy occurred within
of stakeholding may slide into vacuity, so
Thatcherism. John Redwood, one of the main
Rajiv Prabhakar, University of Sheeld
# Political Studies Association 1999. Published by Blackwell Publishers, 108 Cowley Road, Oxford OX4 1JF, UK
and 350 Main Street, Malden, MA 02148, USA.
173
The Idea of a Stake . Prabhakar
Politics (1999) 19(3) pp. 173±178
advocates of popular capitalism, argued that a
the de®ning core of capitalism, namely an
person would only be `truly enfranchised as a
attachment to private property.
full citizen in the economic life of this coun-
In terms of its objective of spreading own-
try when he also has a stake in its land and
ership more widely, there are good grounds
its means of production' (Redwood, 1988, p.
to say this project was a success. Ivor Crewe,
156). Nevertheless, if the provenance of sta-
for example, notes the total number of share-
keholding is not the exclusive property of the
holders more than trebled from 7 per cent in
left, it is the case that left thinkers have
1979 to 25 per cent in 1991. Similarly, home
sought to develop this into a post-Thatcherite
ownership increased from 52 per cent of the
new political economy. Such a project was
population in 1979 to 66 per cent in 1989.
perhaps most obviously instigated following
These changes occurred across the social
the publication of Will Hutton's The State
spectrum, and was not con®ned to or domi-
We're In (Hutton, 1995). If such thinkers
nated by any particular class (Crewe, 1993).
have sought to introduce dierences to the
However, success on other dimensions is
idea of popular capitalism (so it is left popu-
less clear. First, there were problems in
lar capitalism), there must also be similarities
implementation. Attention focused on spread-
if it is to qualify as left popular capitalism. I
ing ownership and neglected considering
shall argue that a developmental self is core
what conditions were needed to ensure any
to this ± that is, the development of individual
such project remained stable. In the rush to
capabilities (to be explored below). Stakes
become owners, for example, credit over-
are important in so far as they...
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