Business with Purpose and the Purpose of Business Schools: Re-Imagining Capitalism in a Post Pandemic World: A Conversation with Jay Coen Gilbert, Raymond Miles, Christian Felber, Raj Sisodia, Paul Adler, and Charles Wookey

Abstract

The emergence of innovative business models suggests that the foundational assumptions of competitive capitalism are increasingly in doubt. Business schools, however, appear to be followers rather than leaders in this historical moment of social change. While consumers and businesses are experimenting with new models of capitalism, business schools have been slow to change. What role should business schools play in this emerging new era of purpose-driven capitalism and business with purpose? We explore this question in conversation with six global experts, three in academia and three in practice, who are leading this change. The experts conclude that business must serve the needs of humanity rather than the needs of business. Business schools, therefore, need to reduce their emphasis on how to make businesses more rational and efficient and should instead focus on how businesses can help address more fundamental questions of the human condition.

Students’ values, professional socialization and the mental gap of corporate social responsibility perceptions

“…The positivistic research tradition believes that it is possible to generalize the factors causing or influencing such a gap within the student body [ 53 , 54 ] or tools/teaching methods, which could be helpful to eliminate it [ 55 ]. However, there seem to be severe problems with contemporary business schools, slowly introducing change and still emphasizing the classical notion of the rational, profit-making business paradigm instead of considering how to improve the human conditions in challenging times [ 56 ].…”

The changing role of innovation for crisis management in times of COVID-19: An integrative literature review

“…We conducted this review to embrace innovation through the creation and augmentation of infrastructure in the areas of health, education, trade, and industry. Research articles in the past have been less recognized and have been inconsistent in addressing innovation during the COVID-19 pandemic ( Araújo, 2022 ; Boeing & Wang, 2021 ; Mota Veiga, Fernandes, & Ambrósio, 2022 ; Rocha, Pirson, & Suddaby, 2021 ). Governments worldwide have utilized innovation to combat pandemics through the diffusion of relevant technology, enhancement of medical infrastructure, and a large number of additional types of policy interventions.…”

Cross‐functional integration skills: Are business schools delivering what organizations need?

“…Changing business and social environments have generated widespread and healthy debate on the relevance and purpose of business schools in society (Bennis & O'Toole, 2005; Laszlo et al., 2017; Thomas, 2017; Usdiken et al., 2021). A key discourse has centered on the extent to which schools should adjust their doctrines to reflect a more socially conscious stance that balances human well‐being with profit maximization (García‐Feijoo et al., 2020; Laszlo et al., 2017; Rocha et al., 2020). One outcome of this discourse has been the call for business schools to reconfigure both their approach to teaching and research (Sadler‐Smith & Cojuharenco, 2021) and the value proposition to their primary constituents—businesses (David et al., 2011).…”