Abstract
Stakeholding’ provoked much attention among the centre-left in Britain during the 1990s as a possible ‘third way’ alternative to state-centred social democracy and free markets. As debates unfolded it was unclear, however, whether a stable core could be identified linking its uses in the main contexts of corporate governance and welfare reform in which it emerged. Without this, it is difficult to construct a consistent and coherent reform programme. By re-examining the debates that occurred, the article contends that a stable core in terms of the ethical and human capital development of the self organized around the possession of stakes can in fact be identified. This provides positive content to the notion of the third way.
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