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Today's business schools are under the
microscope of public opinion. Many
critics, including business schools' own faculty, are calling for reform. A generation
from now, will we be able to look back and say we
were successful at making real changes? From my perspective, this is the acid test: In a world that
is crying out for innovative and principled
leaders, can they and will they come from business?
It is obvious to even the most casual observer that trust in business is plunging to new lows
just when markets are being radically reshaped by
a variety of forces: the economic crisis, global tensions, energy and healthcare costs,
water scarcity, carbon pricing, the growing dominance
of China, growth in poverty, green consumers, and NGO watchdogs empowered by the Internet.
To deal with these realities, the best leaders will
have a global mindset and great facility with
non-market forces. They will be able to adapt to
multiple objectives. They will exercise judgment,
manage risks, and take a long-term view. Are
business schools up to the task of producing such leaders?
At the Aspen Institute Center for Business Education (Aspen CBE), we believe only
business schools will be able to prepare students for
the transformed market if they make three mission-critical investments in knowledge and
practice. These investments will require them
Business schools can be a great source of innovative thinking about capitalism and
the future. They can share best practices about
how business can contribute to a global
sustainable society, and they can act as testing grounds
for managers who need to practice putting their
values to work. Business education may have a long
way to go, but there is good news as well. The
data suggests that the pace of change is picking up
and many schools now have a story to tell. Many
more are on the path to innovation—which they
are more likely to achieve as they make these
three critical investments.
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