Can Business Schools Fix Capitalism? Dr. Andrew Hoffman on Markets with a Noble Purpose

Dr. Andrew Hoffman, the Holcim (US) Professor of Sustainable Enterprise at the University of Michigan, jointly appointed at the Ross School of Business and the School for Environment and Sustainability shares key insights from his acclaimed book Business School and the Noble Purpose of the Market: Correcting the Systemic Failures of Shareholder Capitalism, exploring how business schools can play a pivotal role in redefining the market’s purpose in serving society. The episode argues that business schools must rediscover their deeper mission of serving society rather than simply selling MBAs and acting as networking “skill shops.” Dr. Hoffman explains how shareholder capitalism, as currently taught and practiced, drives environmental crises, rising inequality, and short-term profit focus, and he uses examples like Boeing to show what happens when firms lose sight of serving customers and society. He calls for rethinking curricula to include multiple forms of capitalism, the role of government and lobbying for the public good, and the deep interconnection between firms, society, and the natural environment, while also framing management as a calling that requires purpose, moral courage, and a coherent moral culture in business schools. The episode closes with concrete action steps for students, faculty, and administrators to reform business education, redesign incentives, break down silos, and develop leaders capable of shaping an economy that works for everyone. This podcast is brought to you by Global Management Consultancy. For more information, please visit www.globalmanagementconsultancy.com. Disclaimer: A. The background music used in this video is the property of its respective developer and is protected by Copyright. Although it is a free version, Business Talk, Global Management Consultancy and Deepak Bhatt do not hold the rights to this music. B. Dr. Andrew Hoffman shared insightful perspectives from his acclaimed book “Business School and the Noble Purpose of the Market: Correcting the Systemic Failures of Shareholder Capitalism.” The uploaded video contains copyrighted material; therefore, any modifications to graphics, music, or the presence of the author or host are strictly prohibited.