Bussiness School Impact

Business schools and business education prepare students to learn the basics of thinking

critically, communicating effectively and managing small and large enterprises so they can serve

society in a successful and socially responsible manner. However, recently business schools and

their graduates seem to be a target for many critics as they link the ethical lapses of senior

executives to major scandals that have partially led to the financial challenges that the world is

facing today. Perhaps some analysis and reflections are needed for a self-analysis of business

education and its curricula. The questions and thoughts reflected upon in this writing are focused

on business schools, business education, and the integration of ethical thinking in business

curriculums. The authors offer reflections, suggestions and practical tips for the consideration of

university administrators and business school faculty members.

The economic recession of the last few years did have one ‘good" effect; that is, it made

the world more global, made it more global in a very short and compressed time period, and

made that global context very "loud and clear." Accordingly, it should be clearly aware to all,

that in this "new economy," in the words of the old poem, that "no one is an island." The world

economy, as was convincing and depressingly indicated, is just too interconnected for any nation

to live as an island. Business schools must of course be aware of this "new reality"; and they

may have to change their business models to reflect the shifting nature of markets and the

economy to a global context. Accordingly, business schools now must be innovative and

entrepreneurial, and be willing to take some risks, in order to take the lead to build global

coalitions to produce students who will be global leaders. Due to the changing nature of the

global economy and the concomitant need to take some risks and to be innovative and

entrepreneurial, a business school will not be successful and may not even survive unless it "gets

this." The goal, therefore, is for business schools to meet the demands of their students and to

make a positive contribution to their communities, society, and the world. Business and

management should be perceived like law and medicine as a "noble profession," – one that

creates wealth but also brings economic vitality to their communities and society, and ultimately

to transform people's lives. A commitment to ethics and a societal mission are the hallmarks of a

profession; the core virtues of a profession are ethics, morality, social responsibility, duty,

stewardship, and custodianship; accordingly, schools of business must underscore the importance

of ethics and the broader social mission of business; they must progress from teaching mere

"vocationalism," and rather must inculcate to the students the importance of creating long-term

value – and not "merely" for the shareholders but for all the firm's stakeholders. Schools of

business must admonish the students when it comes to short-term thinking and ethical lapses.

The focus of business education should be on ethics and social responsibility and the production

of sustainable growth and positive value. Schools possessing such objectives and aspiring to such

"profession" status will grow, develop, flourish, and prosper with their colleges or universities,

communities, and society. Of course, business as a "profession" will require an oath, that is, a

public