The Purpose of Business Organizations and Business Schools Revisited

Abstract

Both the Covid-19 crisis and the emergence of innovative business models offer a powerful signal that the foundational assumptions of capitalism are increasingly in doubt. Business schools, however, appear to be followers rather than leaders in this historical moment of social change. While citizens, consumers and businesses are experimenting with new models of capitalism premised on balancing profits with social purpose and the private, public, and plural sectors (Mintzberg, 2015; Sachs, 1999; Sachs et al. 2021), business schools have been slow to change and appear to be struggling with their identity and purpose. But, What might be the foundational values of a post-pandemic market system? What might be the purpose of business organizations in a post-pandemic scenario? What would a post- pandemic business school look like? The aim of this Symposium is to explore the answer to these questions and their practical application in a conversation with three former Editors of the Academy of Management journals (Suddaby, Phan, Hollensbe) and two thought thinkers and innovators of management (Mintzberg), capitalism and sustainable development (Sachs, pre-recorded interview).