Business School and the Noble Purpose of the Market

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.