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Purpose The purpose of this paper is to review the literature on academic capitalism, consumerism and commodification (A3C) in higher education. Additionally, this study aims to understand core attributes of educational leadership behaviours with ethical leadership (EL) and transformational leadership (TL) styles can contribute to inclusive and equitable quality education for students belonging to diverse socio-economic status (SES). Design/methodology/approach This paper adopts a literature review methodology initially on themes of A3C, EL, TL and SES, adopting social learning theory and social identity theory. Further, organizational behavioural dynamics related to students and faculty in higher educational institutions are illustrated. Simultaneously, suggestions with practical focus are offered. Findings This paper synthesizes the literature on the convergence of leadership and SES and develops propositions to encourage future inquiry. Further, the study illuminates several attributes of four groups of student populations, namely, “privileged,” “contestant,” “dependent” and “deprived” formed because of this convergence. Research limitations/implications A3C have posed several severe questions for the sustainable development of society. Educational leaders must benefit society, offer equitable opportunities and develop affirmative leadership. Originality/value Leaders with high EL and TL behaviours can considerably contribute to achieve United Nations Sustainable Goals of Quality Education. This paper presents realistic solutions and scrutinizes organizational dynamics because of convergence of leadership and SES. Further, pragmatic leadership development strategies are suggested.