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Reflecting on the Flaws of Our Current Economic Framework: How Business Schools Can Promote Sustainability and Equity

A cooperative economy: a sustainable solution for an unstable system

Reflecting on the Flaws of Our Current Economic Framework: How Business Schools Can Promote Sustainability and Equity

During my time in lockdown isolation amidst the COVID-19 pandemic, I took a moment to reflect on the frameworks that I have been teaching MBA and executive students for many years. The impacts of the pandemic, along with social unrest and the exploitation of our planet, highlighted the flaws in our current economic framework. It became clear to me that in a world plagued by growing inequality, the dominance of a select few major platforms, ineffective economic policy, and the depletion of natural resources, our economic system was no longer adequate.

The realization led me to question how business school professors like myself could address these issues. As I pondered the broken economic system and its consequences for society and the environment, it became apparent that changes were necessary to ensure a more equitable and sustainable future for all.

It was clear to me that in order to create a better world, we needed to shift our thinking and action. This meant reevaluating traditional economic models and finding new ways to promote sustainability and equity. It meant recognizing that business success should not come at the expense of social or environmental well-being.

As I reflected on these issues, I realized that there were several key areas where changes needed to be made. Firstly, there was a need for greater transparency and accountability in corporate decision-making. This meant holding companies accountable for their actions and ensuring that they were making decisions that benefited both shareholders and society as a whole.

Secondly, there was a need for greater collaboration between businesses, governments, and civil society organizations. This meant working together to find solutions that promoted sustainability and equity while also creating economic growth.

Finally, there was a need for greater education and awareness among consumers about the impact of their purchasing decisions on society and the environment. This meant encouraging consumers to make more conscious choices about what they bought and how they consumed it.

In conclusion, my time in lockdown isolation during the COVID-19 pandemic gave me pause to reflect on the limitations of our current economic frameworks. It became clear that changes were necessary if we wanted to create a more equitable and sustainable future for all people

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