During the lockdown in northern Italy, I had a moment to reflect on my teachings as an MBA and executive professor. The current global situation, marked by inequalities, economic policies that are not effective, depletion of natural resources, social unrest, and the devastating economic impact of the pandemic led me to question the effectiveness of our current economic system. It was clear that our existing framework was broken and no longer serving its intended purpose.
As a business school professor, I realized that educators like myself could play a significant role in addressing these issues and creating a more sustainable and equitable economic system. It became apparent that our economic system had become entrenched, allowing powerful actors such as Big Tech companies and their platforms to exploit it for their benefit at the expense of others. This exploitation had severe repercussions on individuals’ well-being and the planet as a whole.
I felt compelled to explore how educators could contribute to creating a more just and sustainable economy. As such, I began researching innovative approaches to teaching economics that could help students understand the complexities of our current economic system and identify ways to address its flaws. Through my research, I discovered several promising strategies that could help us create a more equitable and sustainable future.
One approach that caught my attention was stakeholder capitalism. This approach emphasizes the importance of considering all stakeholders involved in an organization or industry when making decisions about how to allocate resources and create value. By doing so, stakeholder capitalism helps ensure that businesses are operating sustainably while also benefiting society as a whole.
Another approach is circular economy thinking. This approach focuses on designing products and systems with waste reduction in mind from the outset. By adopting circular economy thinking, we can reduce resource consumption while also promoting sustainability.
As an educator, I believe it is crucial for us to teach these innovative approaches to economics so that future generations have the knowledge they need to create a more sustainable and equitable world.
In conclusion, during my time in lockdown amidst the COVID-19 pandemic, I reflected on my teachings as an MBA and executive professor. The current global situation has led me to question the effectiveness of our economic system, which has become entrenched over time. However, by exploring innovative approaches such as stakeholder capitalism and circular economy thinking, we can create a more sustainable and equitable future for ourselves and future generations.