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Business School and the Noble Purpose of the Market: Correcting the Systemic Failures of Shareholder Capitalism New edition [Kõva köide]

  • Formaat: Hardback, 360 pages, kõrgus x laius: 229x152 mm, 3 tables, 23 figures, 1 halftone
  • Ilmumisaeg: 08-Apr-2025
  • Kirjastus: Stanford Business Books,US
  • ISBN-10: 1503642461
  • ISBN-13: 9781503642461
  • Formaat: Hardback, 360 pages, kõrgus x laius: 229x152 mm, 3 tables, 23 figures, 1 halftone
  • Ilmumisaeg: 08-Apr-2025
  • Kirjastus: Stanford Business Books,US
  • ISBN-10: 1503642461
  • ISBN-13: 9781503642461

Today's business schools were designed for a world that no longer exists. Capitalism raised the standard of living for billions of people over the past 150 years, but is now facing systemic challenges, which it is both causing and unable to address: most notably, climate change and inequality. And yet, business schools continue to teach ideas that are making these problems worse: elevating the primacy of shareholder profits above the interests of employees, the environment, and society; viewing government as an intrusion on the free market rather than an arbiter of its proper functioning; and promoting unlimited economic growth despite the devastating environmental and social consequences. Business schools cannot simply drop an elective into their curriculum to address these challenges. We must rethink their foundations.

Business School and the Noble Purpose of the Market explains how b-school students, faculty, and administrators can think differently about reforming capitalism and restoring its noble purpose for the 21st century. Eminent scholar Andrew J. Hoffman describes the intellectual foundations young business leaders need now to deal with the challenges that society faces.

Many students are seeking this kind of education and are frustrated that they are not getting it. This book will help them fill in gaps in their education, equipping them with the models and mindset to rethink shareholder capitalism and serve society's needs. Business faculty and administrators will find a template for amending their curriculum and pedagogy, and a program for institutional change in the areas of rewards, training, engagement, and selection—to bring a new spirit and sensibility to the business school.

Arvustused

"Hoffman's book should be read by every dean, every chair, and every professor of every business school. We should be discussing, debating, and coming to grips with what it means and what we should do." Peter Tufano, Former Dean of the Saïd Business School, Oxford University; Professor, Harvard Business School "This book outlines what I wish my MBA curriculum had taught me and what I had to learn on my own - how to get an MBA education while keeping your morality and optimism intact. Its impact can't be understated - it is a life preserver to save business schools from themselves, so that they can continue to attract the best and brightest business leaders." Anya Shapiro, MBA 2022; Lead Business Designer, IDEO "An urgent call for students and educators to rethink business education and lead the necessary re-foundation of business around purpose, people and planet. This book is an encouragement, a provocation, and an inspiration." Hubert Joly, Former CEO of Best Buy; Senior Lecturer, Harvard Business School; Author of The Heart of Business "As a former business school dean who fought tirelessly to reform business education, I loved this book. It is beautifully written and provides great insights into why the current teaching model for business education is broken, and what to do about it." Ann Harrison, Former Dean of the Haas School of Business, University of California Berkeley "An important addition from a leading academic on the debate over how to overhaul management education." Andrew Jack, Global Education Editor, Financial Times "Offers profound and transformational ways for business schools to catch up to 21st century corporate realities. This is the intellectual foundation for the next generation of business leaders. Society needs it, industry is ready for it, and students are demanding it." Paul Polman, Former CEO of Unilever; Co-Author of Net Positive: How Courageous Companies Thrive by Giving More Than They Take "Professor Hoffman is bringing one of capitalism's core tenets, creative destruction, to business schools. He is offering a curriculum that the next generation of students need and demand." Caroline Chisolm, MBA 2023; Senior Consultant, EY-Parthenon "How do we transform a market system that is responsible for the climate crisis and social injustice? Andrew Hoffman's recommendations for business education are both radical and pragmatic. While warning about the inefficiency of small peripheral changes, he does not advocate for a tabula rasa. Instead, acknowledging the versatility of capitalism, he advocates for a move beyond shareholder capitalism and urges business schools to place nature and social justice at the heart of their curriculum. His book is a tremendous source of inspiration for any academic and business leader, teacher, or student passionate about transforming business schools and driving meaningful change in the business world." Laurent Muzellec, Dean of the Trinity Business School, Trinity College Dublin "Rigorous, accessible, and full of good ideas. With clear moral urgency, Hoffman outlines how unfettered capitalism is risking the future of life on this planet, notably through environmental collapse and political unrest borne of gross economic disparities. This book shows why business schools have failed to address these facts, and how we can fix that. I'd recommend this to any business student or business leader. A new capitalism, outlined here, might reacquaint managers with the social purpose of our work. It might also give us a future." John Benjamin, MBA 2018; Startup Operator and Business Writer for Time, The New Republic, and Barron's "Makes a compelling case for rethinking the core principles taught in business schools to address the pressing challenges of our planet. A call to action for educators, policymakers, and business leaders, this book is a blueprint for creating a more equitable and resilient future." André Hoffmann, Vice-Chair of Roche; Co-Author of The New Nature of Business: The Path to Prosperity and Sustainability "As an MBA student coming from a military and nonprofit background, I feared I might have to compromise my values to succeed in business. However, Professor Andrew Hoffman's work is a beacon of hope in what sometimes seems like a bleak tomorrow." Akbar Arsiwala, MBA 2024; Navy Veteran; Senior Marketing Associate, Nike "Andy Hoffman is one of the world's most thoughtful and impactful critics of higher education in business and management. There is as much in this work with which I disagree sometimes strongly as there is with which I agree. I predict it will move your priors, as it did mine. This conversation must be had and now." Andrew Karolyi, Dean and Professor, SC Johnson College of Business, Cornell University; Board Chair, Responsible Research in Business & Management "A piercing wake-up call for business education to cultivate a new type of leader; one who creates both prosperity and purpose, serving shareholders and society alike. To read it as a business student is to discover a renewed vision of capitalism as a powerful force for good." Eli Forrester, MBA 2024; Co-Founder and COO, Volta "I would highly recommend this book to all academic leaders wanting to understand the disconnect between the curricula of leading business schools and the major societal and environmental challenges the world and businesses face. Hoffman argues that most business schools have merely dropped an elective or two as a saddlebag onto the problematic traditional curriculum. As a business school Dean for the past over 18 years, I can confidently state that the barriers as stated in the book can be overcome by courage and leadership." Sanjay Sharma, Dean of the Grossman School of Business, University of Vermont "If you're enrolled in business school, or already have an MBA, you should read this book. It questions the role that business schools play in training and influencing future generations of leaders. Will we idly stand by and hope that today's business school programs, curriculums and cultures will equip students to wrangle complex problems around climate change and capitalism's 'externalities?' Or can we harness and redirect the ambition of business school education? Hoffman's book gives us this vision." Amelia Brinkerhoff, MBA 2022; Senior Associate, Sustainability & Climate Transformation Consulting, PwC

List of Illustrations and Tables
Preface: Why I Am Writing This Book Now
PART I: Rethinking the Purpose of Business Education
1. BUSINESS SCHOOLS ARE BROKEN: It's Time to Fix Them
The Market's Failures in Our Natural and Social Environments
The Market Can Be Corrected to Fix These Failures
Business Education Is not Rising to the Challenge
How Did Business Schools Lose Their Way
It's Time to Rejuvenate Business Education
Education That Is Both Business-Centric and Market-Centric
2. THE IMPLICATIONS FOR STUDENTS
Today's Students Are Different
Get the Most Out of Your Education Today
Bring Your Whole Self to Business Education
Advocate for Tomorrow's Students
3. THE ROLE OF FACULTY AND ADMINISTRATORS
Recommit to the Reasons Why You Chose to Enter Academia
Become an "Elder
The Time Is Now: Students Are Ready and Waiting
PART II: Capitalism, Business, and the Market: The Old Paradigm and the
New
4. THE COMING END OF SHAREHOLDER CAPITALISM
A Short History of American Capitalism
The Failures of Shareholder Capitalism
A New Capitalism Will Emerge from the Old
5. BRINGING ADAM SMITH INTO THE PRESENT: Reexamining the Fundamentals of
Capitalism
The Foundations of Capitalism
Enduring Critiques of Capitalism
Support and Critique of Capitalism in the Twenty-First Century
It's Time to De-Mythologize the Free Market and the Invisible Hand
Train Business Leaders to Be Stewards of the Market
6. ALTERNATIVE CAPITALISMS AROUND THE WORLD
Two Categories of Market Economies
Differentiating Facets of Market Economies
The Nordic Model
Views of Capitalism Across the Political Spectrum
Our Current Problems Are Not Endemic to Capitalism
7. THE PURPOSE OF THE FIRM: It's Not to Make Shareholders Rich, It's to
Serve Customers and Society
The View of the Firm from Economics
The View of the Firm from Law
The View of the Firm from Sociology and Management Practice
Why Is the View from Economics so Dominant
Redefining the Purpose of the Firm
Stakeholder Capitalism
The Tyranny of Shareholder Primacy
PART III: The Crucial Role of Government in the Marketplace: Corporate
Political Responsibility, Constructive Lobbying, and a New Role for
Government
8. HOW MONEY CORRUPTS HEALTHY GOVERNMENT AND DEMOCRACY: Why the Corporation
Is Not a "Natural Person"
A Brief History of Corporate Personhood
The Citizens United Decision
The Basis for Citizens United
The Effects of Citizens United
Our Founders' Fear: Artificial Legal Entities with Perpetual Life
9. THE NECESSARY AND CONSTRUCTIVE ROLE OF BUSINESS IN POLICYMAKING . . .
and the Need for Guardrails
Lobbying: The Fifth Estate
A Short History of Lobbying
Today's Complex Battleground for Influence
Cynicism and Disenchantment
A Voluntary Solution: Corporate Political Responsibility
A Mandatory Solution: Insulating Government from Corporate Power
Political Skills Needed for Twenty-First-Century Business
10. THE NECESSARY AND CONSTRUCTIVE ROLE OF THE GOVERNMENT IN THE MARKET:
Not More or Less Government, the Right Level of Government
Early Views of the Role of Government in the Market
The Public's Negative View of Government's Role in the Market
Towards a More Collaborative (and Realistic) Partnership
A New Role for Government in a Twenty-First-Century World
Markets Do Not Work Without the Government . . . and Effective Policies
Work Best in Concert with the Private Sector
PART IV: Business School Built on a Balanced Curriculum
11. OUTDATED BUSINESS SCHOOL PRINCIPLES AND CONCEPTS: Efficiency, Value,
Prosperity, and Metrics
Technology Alone Will Not Solve Society's Challenges
Rethinking What Business Strives For: Efficiency, Value, Prosperity, and
Metrics
Reimagining How Business Provides Benefit: Competition and Trade
Reexamining Limits on the Market: Growth and Consumption
Bringing Systems Thinking into Business Education
A New Kind of Business Curriculum
12. THE NOBLE CALLING OF BUSINESS AND BUSINESS EDUCATION
The Values in Today's Business Schools
Where These Values Lead Us Astray
Today's Business Students Are Changing the Face of Business Education
Envisioning a New Set of Values to Guide Business Education
Helping Business Students Find Their Purpose and Calling
The Positive Outcomes of Finding a Calling in Management
Make the Pursuit of a Calling and Purpose the Norm
A New Kind of Business School
Acknowledgments
About the Author
Notes
Index
Andrew J. Hoffman is the Holcim (US) Professor at the University of Michigan's Ross School of Business. He has published 18 books and over 100 articles /book chapters. His work has been covered in The New York Times, Scientific American, Time, Wall Street Journal, Atlantic, and National Public Radio.