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Full Description
The intellectual foundation for the next generation of business leaders
Today's business schools were designed for a world that no longer exists. Capitalism raised the standard of living for billions of people over the past 150 years, but is now causing systemic challenges it is unable to address, including climate change and inequality. And yet, business schools continue to teach ideas that are making things worse: elevating the primacy of shareholder profits above the interests of employees, the environment, and society; viewing government as an intrusion on the free market rather than an arbiter of its proper functioning; and promoting unlimited economic growth despite the devastating environmental and social consequences. Business schools cannot simply drop an elective into their curriculum to address these challenges. We must rethink the faulty foundations.
Business School and the Noble Purpose of the Market explains the intellectual foundation MBA students, faculty, and administrators need to reform capitalism and restore its noble purpose for the 21st century. Many business students are in fact seeking this kind of education and frustrated that they are not getting it from their professors. This book will fill in gaps in their education, equipping them with the models and mindset to rethink shareholder capitalism and serve society's needs. Business faculty and administrators will find a practical program for amending curriculum and pedagogy, changing student and faculty rewards, and bringing a new spirit and sensibility to the business school.
Contents
List of Illustrations and Tables
Preface: Why I Am Writing This Book Now
PART I: Rethinking the Purpose of Business Education
1. BUSINESS SCHOOLS ARE BROKEN: It's Time to Fix Them
The Market's Failures in Our Natural and Social Environments
The Market Can Be Corrected to Fix These Failures
Business Education Is not Rising to the Challenge
How Did Business Schools Lose Their Way
It's Time to Rejuvenate Business Education
Education That Is Both Business-Centric and Market-Centric
2. THE IMPLICATIONS FOR STUDENTS
Today's Students Are Different
Get the Most Out of Your Education Today
Bring Your Whole Self to Business Education
Advocate for Tomorrow's Students
3. THE ROLE OF FACULTY AND ADMINISTRATORS
Recommit to the Reasons Why You Chose to Enter Academia
Become an "Elder
The Time Is Now: Students Are Ready and Waiting
PART II: Capitalism, Business, and the Market: The Old Paradigm and the New
4. THE COMING END OF SHAREHOLDER CAPITALISM
A Short History of American Capitalism
The Failures of Shareholder Capitalism
A New Capitalism Will Emerge from the Old
5. BRINGING ADAM SMITH INTO THE PRESENT: Reexamining the Fundamentals of Capitalism
The Foundations of Capitalism
Enduring Critiques of Capitalism
Support and Critique of Capitalism in the Twenty-First Century
It's Time to De-Mythologize the Free Market and the Invisible Hand
Train Business Leaders to Be Stewards of the Market
6. ALTERNATIVE CAPITALISMS AROUND THE WORLD
Two Categories of Market Economies
Differentiating Facets of Market Economies
The Nordic Model
Views of Capitalism Across the Political Spectrum
Our Current Problems Are Not Endemic to Capitalism
7. THE PURPOSE OF THE FIRM: It's Not to Make Shareholders Rich, It's to Serve Customers and Society
The View of the Firm from Economics
The View of the Firm from Law
The View of the Firm from Sociology and Management Practice
Why Is the View from Economics so Dominant
Redefining the Purpose of the Firm
Stakeholder Capitalism
The Tyranny of Shareholder Primacy
PART III: The Crucial Role of Government in the Marketplace: Corporate Political Responsibility, Constructive Lobbying, and a New Role for Government
8. HOW MONEY CORRUPTS HEALTHY GOVERNMENT AND DEMOCRACY: Why the Corporation Is Not a "Natural Person"
A Brief History of Corporate Personhood
The Citizens United Decision
The Basis for Citizens United
The Effects of Citizens United
Our Founders' Fear: Artificial Legal Entities with Perpetual Life
9. THE NECESSARY AND CONSTRUCTIVE ROLE OF BUSINESS IN POLICYMAKING . . . and the Need for Guardrails
Lobbying: The Fifth Estate
A Short History of Lobbying
Today's Complex Battleground for Influence
Cynicism and Disenchantment
A Voluntary Solution: Corporate Political Responsibility
A Mandatory Solution: Insulating Government from Corporate Power
Political Skills Needed for Twenty-First-Century Business
10. THE NECESSARY AND CONSTRUCTIVE ROLE OF THE GOVERNMENT IN THE MARKET: Not More or Less Government, the Right Level of Government
Early Views of the Role of Government in the Market
The Public's Negative View of Government's Role in the Market
Towards a More Collaborative (and Realistic) Partnership
A New Role for Government in a Twenty-First-Century World
Markets Do Not Work Without the Government . . . and Effective Policies Work Best in Concert with the Private Sector
PART IV: Business School Built on a Balanced Curriculum
11. OUTDATED BUSINESS SCHOOL PRINCIPLES AND CONCEPTS: Efficiency, Value, Prosperity, and Metrics
Technology Alone Will Not Solve Society's Challenges
Rethinking What Business Strives For: Efficiency, Value, Prosperity, and Metrics
Reimagining How Business Provides Benefit: Competition and Trade
Reexamining Limits on the Market: Growth and Consumption
Bringing Systems Thinking into Business Education
A New Kind of Business Curriculum
12. THE NOBLE CALLING OF BUSINESS AND BUSINESS EDUCATION
The Values in Today's Business Schools
Where These Values Lead Us Astray
Today's Business Students Are Changing the Face of Business Education
Envisioning a New Set of Values to Guide Business Education
Helping Business Students Find Their Purpose and Calling
The Positive Outcomes of Finding a Calling in Management
Make the Pursuit of a Calling and Purpose the Norm
A New Kind of Business School
Acknowledgments
About the Author
Notes
Index
