Ideas for the Business School Curriculum of the Future

Last Sunday I came across an article in the Observer by Martin Parker (If only business schools wouldn’t teach business, Nov 30th), outlining how Business Schools should rethink their position as well as their curriculum in this period of downturn. I found it appropriate and welcome.

The shareholder value philosophy of pedalling management techniques to literally thousands of students, and by so doing limiting their horizons to units of three months, is seriously flawed. The alternative is stakeholder value thinking and practice, which requires delving deep into concerns of corporate responsibility, the future role and contribution of boards, and the nature of the business/government interface. Such considerations have been given minimal attention.

So far, I am with Martin Parker. Think broader, dig deeper and see beyond quarterly profit targets. Yet, Martin Parker argues on behalf of Business Schools promoting a new capitalism. Why? It is this point that has to be challenged for it is completely unclear as to what is meant by a new capitalism.

Rethinking about what lies in the public good versus what aspects of an economy should be exposed to market forces is a critical consideration. The last thing we want to learn about is redundant financial instruments and techniques involving share swaps and trading schemes. The integration of management application with policy design, history and philosophy should be the basis of the Business School curriculum for the future.

We also cannot forget about geo-political analysis, the other important element of this curriculum platform. We are not just entering a new form of capitalism, but we are about to embark on a very different geo-political journey triggered by the collapse of short-termist capitalism. How nation states are going to position themselves for supremacy in a world of debt and diminishing resources is going to be interesting to observe. Those with the capacity will draw on their military strengths to control markets and take ownership of ores, often minerals and carbon based fuels. This is going to be our future. All of this is conveniently forgotten in Business School teachings.

Faced with a dynamic if not turbulent future, should we not be preparing our executives to both understand and meaningfully converse about the corporate/government interface? I believe we should, particularly as nation states will continue to confront each other, fundamentally redesigning the business landscape.