Volume 10, Issue 2, February – 2025 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165 https://doi.org/10.5281/zenodo.14899143

The Path Ahead for Business Schools: Looking

Beyond Capitalism for Sustainability
Dr. Jagdish Sambada1
1
Department of Business Management, Saurashtra University, Rajkot

Publication Date: 2025/02/20

Abstract: The purpose of this paper is to examine the current position of the Business Schools at a time when criticism and
protests against capitalism are rising across the world, which is also the main ideology served and propagated by Business
Schools. Capitalism has been blamed for increasing gap between rich and poor, stagnation in wages, increasing corporate
influence on Governments, climate change and environmental impacts, increasing consumerism and many other negative
effects on the society and the planet. In this context the relevance and legitimacy of management education provided at B-
schools is questioned. The paper builds on existing literature on criticism of B-schools and Capitalism to assess the
relevance of Business Schools in current scenario. The paper proposes different alternatives that could be taught and
incorporated in Business Schools’ curriculums to create more sustainable economies and societies. What could be the
purpose and role of Business schools in such disruptive times is pondered upon.

Keywords: Business Schools, Capitalism, Management Education, Management Research, Economic Inequality, Sustainability.

How to Cite: Dr. Jagdish Sambada (2025). The Path Ahead for Business Schools: Looking Beyond Capitalism for Sustainability.
International Journal of Innovative Science and Research Technology, 10(2), 201-206.
https://doi.org/10.5281/zenodo.14899143

I. INTRODUCTION MBA program has so far enjoyed great popularity and

importance among graduates as well as employers looking
Since they initially appeared in Europe in the 18th for skilled managers and leaders. Thousands of students in
century, business schools have advanced significantly. The India enroll in MBA programs every year with dreams of
first business school in history, ESCP, was established in lucrative jobs and flashy careers in corporate world. The
Paris in October 1819. Harvard Business School was the number of students pursuing an MBA, for instance, grew
first to provide an MBA degree when it was founded in from 4, 09,432 in 2014-15 to 4, 62,853 in 2018-19.
1908. Harvard University in Cambridge, Massachusetts, was
the first institution to offer an MBA program. In 1908, the MBA programs have gradually evolved over time and
Harvard University Graduate School of Administration now they have critical issues like sustainability and ethics
became the site. Before applying to the business program at covered in their curriculum especially after the financial
the Graduate School of Business Administration, students crisis of 2008. But still these issues are like mere
had to finish four years of undergraduate coursework. decorations which hardly get that much attention or
importance in curriculum.
In 1940, the University of Chicago Booth School of
Business launched the first Master of Business Till now main focus of Business schools have been to
Administration program for professionals in the business produce astute leaders and managers who can understand
sector. Additionally, campuses in Singapore and London various business functions like accounting, finance,
provided the Executive MBA degree. Programs that are marketing, Human Resources, Operations and apply their
currently provided by most business schools in the United knowledge to run the businesses efficiently.
States were made possible by the program.
What is being asked of B-schools today is whether
More than ten years before IIM (A) was founded they are capable enough of producing the students who can
(1961), Jesuit priest Fr. Quinn Enright, S.J., founded India's control and resolve complex problems facing the world like
first B-school in 1949 in the steel city of Jamshedpur. Prior climate change, declining wages, rising income inequality,
to establishing a two-year full-time degree in industrial sustainability etc. These problems require systemic changes
welfare in 1953, XLRI began by providing management and and solutions and it is in this context that B-schools have to
trade union courses in 1949. introspect and reimagine their role. Before looking into why
Business Schools are losing relevance it makes sense to look

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into the ideology and assumptions on which Business their labor to capitalists for less than the full value of the
Schools are based that is Capitalism. things they produce because they do not possess the means
of production. Therefore, capitalists profit from workers'
II. WHAT IS WRONG WITH CAPITALISM? productive efforts.

Merriam-Webster dictionary defines capitalism as “An Capitalism has done more harm than just class divide
economic system characterized by private or corporate and workers’ exploitation. Economic inequality is also one
ownership of capital goods, by investments that are of the grave consequences of capitalism. Some statistics at
determined by private decision, and by prices, production, the inequality in the world paints a grim picture of the world
and the distribution of goods that are determined mainly by we live in. Although there could be many factors
competition in a free market.” (Smith, 1776) in his work responsible behind this, capitalism is one of the dominant
“An Inquiry into the Nature and Causes of the Wealth of one in creating this economic inequality. According to an
Nations” stressed upon leaving the markets self-regulated Oxfam analysis, the wealth of billionaires worldwide rose
and introduced the concept of invisible hand which is a by $3.9 trillion between March 18 and the end of 2020. In
metaphor for unseen forces driving the free market contrast, the International Labour Organization reports that
economy. millions of people worldwide lost their employment,
resulting in a $3.7 trillion drop in their total incomes.
So, the assumption is that if markets are left
uninterrupted then the forces of supply and demand in the The wealth gap between the world's billionaires and
market will lead to equilibrium as well as competition in the the poorest half of humanity is widening rapidly, according
market will benefit everybody participating in the market to an Oxfam analysis. The number of billionaires needed to
and to the society as well. Prices will adjust according to the match the wealth of the world's poorest 50% of people
supply and demand and competition will lead firms to decreased from 380 to 26 between 2009 and 2018.
innovate and finally everyone in the society will be well off. According to data from the World Inequality Report, the
Profit maximization seems to be the noble goal which wealthiest 1 percent's share of national income has grown
capitalism or free market economy pursues. significantly in North America (here defined as the US and
Canada), China, India, and Russia since 1980, while it has
It was the great depression of 1930 which led many expanded more slowly in Europe.
people to question the free market economic system. But
since then, free markets and capitalism have been the Above statistics show that there is something wrong in
dominant systems in the world. During the period of 1970s the way different elements in capitalist system are
rapid increases in economic inequality also led many people organised. If that was not the case then the world would not
to doubt the long-term viability of the capitalist system. be facing such extreme inequalities in wealth. In his book
Capitalism has been blamed for many problems the world is "Capital in the Twenty-First Century," Piketty (2013)
facing today. These problems range from economic examined global inequality data and found that in capitalist
inequality to more extreme destruction of natural resources society, capital and the money it generates expand more
at unprecedented pace. quickly than economic growth. He demonstrated how
financial inequality is increasing in the twenty-first century
Karl Marx (1844) was of the view that Capitalism is and doing so at a very risky rate.
not good for the workers. In the Economic and Philosophic
Manuscripts, he wrote about alienation of labour which was As stated by Sara Stevano (2021) in "COVID-19 and
based on Economics and human nature. According to Marx crises of capitalism: intensifying inequalities and global
in a capitalist economy the means of production are owned responses," "The COVID-19 crisis is a stark reminder that
privately and hence there are two classes in a capitalist the core of human activity is intrinsically material and
economy, those (bourgeoisie) who own the means of embedded in the socio-economic and biophysical basis of
production and those (the proletariat) workers who do not. production and reproduction, despite the significant
In a capitalist economy as works compete with each other transformations of globalized contemporary capitalism
for wages and raises it actually brings down their wages and through financialization and technological progress."
the class benefiting from this competition is not the workers
but the capitalists. In this situation workers are alienated The loss of biodiversity and climate change have also
from other workers. As workers do not own the means of been attributed to capitalism. "In just 200 years of existence,
production and whatever they produce is sold by the capitalism has brought us to the brink of such a calamitous
capitalists in the market. Here workers are alienated from breakdown in the world's natural systems that our entire
the products of their labor. As capitalist own the firms where civilization is now under threat," according to James Plested
Workers are employed it is the capitalist who decide what to (2020) in "Capitalist roots of the environment crisis." He
make, how to make and how much to make. In this situation goes on to say: "The breakup between the primary forces
workers are alienated from the act of labor. behind economic activity and the environment that supports
us is what makes capitalism particularly destructive when
Marx also noted that the capitalist class takes compared to earlier systems." Additionally, he contends that
advantage of workers by stealing their excess value, which the capitalist elite transfers environmental degradation to
serves as the capitalists' source of profit. Workers must sell society as "externality."

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ISSN No:-2456-2165 https://doi.org/10.5281/zenodo.14899143
In their 2015 paper Climate Change, Capitalism, and be able to shift to a new sustainable system which demands
Corporations: Processes of Creative Self-Destruction, radical changes in the lifestyle and behaviour of the people.
Wright and Nyberg accuse large corporations of continuing
to engage in environmentally exploitative practices while III. CRITICISM OF B-SCHOOLS
concealing the link between relentless economic growth and
environmental degradation. They argue that organizations B-schools have been facing lots of criticism and
often challenge perceptions of the climate crisis by framing scrutiny from many academics and scholars recently. There
it as a partisan issue, rather than acknowledging it as a have been critics on modern managerial theory,
serious social, economic, and political problem that needs to management research, management curricula, B-schools’
be addressed (Wright & Nyberg, 2015). narrow focus on Capitalism etc.

The WWF's Living Planet research reveals that (Mitroff, 2004) made numerous attacks on business
between 1970 and 2016, wild animal numbers declined by schools in "An Open Letter to the Deans and the Faculties of
68%. "Global trade, consumption, and population growth American Business Schools." "The business theories that we
have all exploded in the last 50 years, and there has been a have developed and thus teach are based upon the narrowest
massive shift towards urbanization," the research states. and the basest of human motives," he wrote. He went on to
Humankind's ecological footprint was less than the pace of criticize faculty, saying: "A lot of business school faculty
regrowth of the planet until 1970. At least 56% of the members make a lot of erroneous assumptions and claims
Earth's biocapacity is being overused by humans to feed and about the topic of ethics. They first claim that ethics is
fuel our 21st-century lifestyles. The paper also identified a merely a question of personal values. Put otherwise, ethics is
number of indirect drivers of biodiversity loss, including about values and nothing else. Additionally, they believe
overuse of natural resources, production, consumption, that by the time a person reaches business school, their
finance and governance, migration, and urbanization values are set in stone. And is the role of one’s parents and
demography. religious instructors to teach values, not business school
faculty. Thus, to state it somewhat differently, business
"Nature is declining globally at rates unprecedented in faculty has little, if any, role in teaching values.”
millions of years," warns Marco Lambertini, Director
General of WWF International in their report, The Living Business schools have aggressively released their
Planet. Our existing economic model's egregious disrespect students from any feeling of moral obligation by spreading
for the environment, coupled with the way we produce and ideologically driven amoral ideas, according to Ghoshal's
use food and energy, has pushed the natural world to its 2005 paper, "Bad Management Theories Are Destroying
limits. Good Management Practices."

Agriculture and farming are also not spared by Bennis (2005) critiques the direction that many
capitalism. While the current capital and technology- business schools have taken, arguing that they have adopted
intensive farming systems have been incredibly productive an inappropriate model of academic excellence over the past
and able to provide low-cost food, Miguel Altieri (1998) few decades. He asserts that rather than focusing on the
discussed the devastating effects of capitalist agriculture in competence of their graduates or understanding the key
"Ecological Impacts of Industrial Agriculture and the drivers of business performance, these schools prioritize the
Possibilities for Truly Sustainable Farming" and wrote: "The rigor of scientific research. According to Bennis, this shift
very nature of the agricultural structure and prevailing has led to a focus on abstract financial and economic
policies in a capitalist setting have led to [the present] analysis, statistical multiple regressions, and laboratory
environmental crisis by favoring large farm size, specialized psychology, which ultimately undermines the practical
production, crop monocultures, and mechanization." Due to applicability of the education provided in these institutions.
the widespread use of chemical fertilizers and pesticides, the
biological imperative of diversity is being undermined by Grey (2005) of Warwick Business School argues that
the increasing integration of farmers into global markets. many business schools have transformed into “finishing
Specialized farms are being rewarded by economies of schools” for elites, primarily preparing students for careers
scale. in finance and consulting. He critiques the lack of emphasis
on ethical and moral challenges of leadership, asserting that
There have been many critics of the capitalism and as these institutions do not encourage students to reflect on
can be seen here from above critics that capitalism as a their broader roles in society.
system is arranged in such a way that in pursuit of unlimited
growth and profits so many vital things are compromised. In Confronting Managerialism: How the Business Elite
These vital things are ecological balance, preservation of and Their Schools Threw Our Lives Out of Balance, Locke
biodiversity, economic equality, workers’ rights and the (2011) discusses how methodologies commonly introduced
planet itself. So, it is indeed the need of the hour that in business schools—such as numerical analysis,
humans explore and try alternatives to this system where mathematical modeling, and financial economics—can lead
growth and profits are realized but within the ecological to rational decisions that overlook critical issues of culture,
limits of the planet. Only time will tell whether humans will managerial behavior, and ethics. Locke critiques the
emphasis on these methods, arguing that they often neglect

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Volume 10, Issue 2, February – 2025 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.5281/zenodo.14899143
the broader societal and ethical considerations that should responsibility seem like secondary or irrelevant concerns,
guide effective leadership. reinforcing the idea that capitalism is an inevitable system,
with financial and legal mechanisms being presented as
Hühn (2014) critiques MBA programs in his paper You scientific tools for managing it.
Reap What You Sow: How MBA Programs Undermine
Ethics, arguing that the curriculum, pedagogy, and In the article The Ghost of Capitalism: A Guide to
underlying epistemological assumptions of these programs Seeing, Naming, and Exorcising the Spectre Haunting the
contribute to making managers and leaders both unable and Business School, Kociatkiewicz (2021) compares capitalism
unwilling to confront ethical challenges. Similarly, Reich to a ghost—something invisible yet ever-present within
(2014), in his article How Business Schools Can Help business schools. He argues that while business schools may
Reduce Inequality, highlights the role of institutions like teach a capitalist framework, it is often treated as an
Harvard Business School in perpetuating inequality, unquestioned and natural state of affairs, with no
asserting that the set of ideas and principles instilled in alternatives explored or even acknowledged. Kociatkiewicz
future CEOs has contributed to a widening pay gap between further observes that business schools rarely explicitly
CEOs and ordinary workers, which has increased from a 20- acknowledge that their curricula are based on capitalist
to-1 ratio fifty years ago to nearly 300-to-1 today. assumptions, nor do they offer modules dedicated to
critically examining capitalism as a socio-economic system.
Fotaki (2015), in her article Questioning Neoliberal
Capitalism and Economic Inequality in Business Schools, Business Schools till now have embraced the ideology
argues that there is a lack of critique surrounding the of capitalism and failed to address today’s most important
systemic failures of business models grounded in economic issues. So far, the research in business schools
neoclassical economics. She highlights that the question of have not given enough attention to the most urgent problems
how businesses contribute to and are affected by economic like climate change, inequality, achieving growth within the
inequality is often absent from business education and ecological limits of the planet which require an
discourse. According to Fotaki, this absence is largely due to interdisciplinary and trans disciplinary approach.
the continued dominance of orthodox economic
perspectives, which view income inequality as a result of IV. TIME FOR INTROSPECTION
differences in labor, capital, and land contributions. She
further critiques management educators for omitting Today Business Schools stand at a juncture where they
discussions on neoliberal capitalism and its role in will have to reimagine what they are and what their role
perpetuating structural economic inequality in their should be in the society. Business Schools can no longer
teaching. afford to continue on the path they have been pursuing till
now because it is not sustainable. Business Schools’
McDonald (2017), in his book The Golden Passport: curriculum can no more be only about management theories
Harvard Business School, the Limits of Capitalism, and the and practices which only emphasize profit and maximizing
Moral Failure of the MBA Elite, critiques the purpose of shareholder value but fail to take into consideration costs
business schools, arguing that business has lost sight of its which are externalized by the companies. Topics like
true societal function. He states, "Business is to provide a Corporate Social Responsibility and Business ethics are not
mechanism by which we can work together and with our enough to get a holistic view of how everything is
environment to achieve our common goals. It is not, and interconnected in the world as the branch of Ecological
never has been, to simply make a profit." McDonald also Economics explains.
critiques Harvard Business School for failing to engage with
the intellectual challenge of examining the nature of Fotaki (2015) conceptualizes that management
capitalist society and the role of the firm within it, pointing education should go beyond traditional curricula by
out that the school has not fostered a meaningful, ongoing introducing new topics and offering counterintuitive, novel
discussion of these issues. interpretations. She emphasizes the need for management
programs to make visible the inequalities often masked by
Parker (2018), in Shut Down the Business School: technocratic and value-neutral discourses of management,
What’s Wrong with Management Education, critiques and to explore alternatives to neoliberal capitalist
business schools for their failure to address key development.
contemporary challenges, such as the transition to a low-
carbon economy, localized supply chains, and social justice They also add that both educators and students should
and inclusion. He highlights the absence of critical topics reflect on how management education can enable students to
like cooperatives, mutual organizations, community shares, take moral responsibility for their actions as future leaders,
and social enterprises from the business school curriculum. managers, and business professionals. Rather than relegating
Furthermore, he notes that concepts like degrowth, the ethics to abstract, invisible market principles, she advocates
circular economy, and worker decision-making are missing for fostering moral agency and responsibility. Additionally,
from business education. In a related article, Why We Should Fotaki calls for academics to question the prevailing
Bulldoze the Business School (Parker, 2018), he argues that ideology of neoliberal capitalism within business schools,
by teaching students that profit is the sole focus of business, encouraging a critical examination of its assumptions and
business schools make sustainability, diversity, and social impacts. To create sustainable businesses and society we

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ISSN No:-2456-2165 https://doi.org/10.5281/zenodo.14899143
also need emphasis on sustainability in Business Schools Business Schools as whether they will continue serving the
which produce future managers and leaders. Because if ideology of capitalism which has had devastating effects on
these people have understanding of sustainability, then only, the people and the planet or dare to explore and think about
they can implement it in the firms where they work or lead. alternative economic systems which could be embraced and
taught to students.
(Mollie Painter-Morland, 2016) in “Beyond the
Curriculum: Integrating Sustainability into Business V. CONCLUSION
Schools” emphasize ‘Systemic Institutional Integration’ and
suggest that: “Any business school which aims to integrate The ideology of capitalism has almost become
sustainability further into the curricula cannot succeed ubiquitous across Business Schools. And as has already
without the following: (1) Systemic thinking and systemic shown in this paper that how capitalism has proven
leadership, (2) Connectedness to business, the natural devastating for the whole planet. In this context Business
environment and society and (3) Institutional capacity Schools face existential question of their relevance to the
building.” society. The ideology of capitalism upon which Business
Schools are predicated needs to be questioned by all. Some
To change and stay relevant Business Schools will of the alternatives like platform cooperativism or circular
have to think about alternatives to Capitalism. They will economy or degrowth have still not found place in the
need to embrace new innovations and economic systems curriculum of most Business Schools or they have not even
which are sustainable for everyone. At few places in the been part of the discourses or talks in Business Schools.
world people have already started working in social
economy where cooperation replaces competition and If Business Schools need to stay relevant and play a
emphasis is put on community, mutualization of benefits role in creating sustainable future then they will have to
and sharing of resources. Projects like Platform acknowledge other forms of economic systems. Their focus
cooperativism are opening up new possibilities of will have to shift from ideology of profit maximization to
organizing online economy which is decentralised and free sustainable business practices which are performed within
from surveillance, extraction and monopoly. the ecological limits of the planet.

The Food Commons Fresno project exemplifies how Business Schools will have to see that they do not have
individuals can be organized for the collective benefit of all. a narrow view of business only but also how the business
It operates as a network of community-owned trusts that impacts society, people and environment. Academic
collaborate with landowners, farmers, food processors, research in Business Schools will also have to explore
distributors, retailers, and workers to achieve a common alternatives to capitalism as well as other forms of
goal: providing high-quality, safe, locally grown food that is organization like platform cooperativism or internet
accessible to everyone. Rather than diverting profits to ownership. Business Schools can really transform the
investors, the Food Commons redistributes financial society and be catalysts in creating sustainable future only if
surpluses across the system, alleviating market pressures they dare to look beyond capitalism.
that typically lead to soil depletion, the exploitation of farm
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