"Stakeholder" is a term bandied about by professors, intellectuals, and others who subscribe to the notions that equality of outcome, not equality of opportunity, is the goal; that property rights can be disregarded when the cause is sufficiently noble and the intentions abundantly good; and that a voice in corporate governance need not be accompanied by risk. The popularity of this concept over the past 35 years has created a void in analytical thought. The term "stakeholder" springs up in everything from community meetings and websites to employee meetings and annual reports. …
