Breaking the Economic System: Reflections on Sustainability and Social Justice Amidst COVID-19 and Lockdown

Amid the COVID-19 pandemic and my time in lockdown in northern Italy, I reflected on the teachings I have imparted to my MBA and executive students for many years. The current global situation, marked by inequalities, the dominance of a few major platforms, ineffective economic policies, depletion of natural resources, social unrest, and the economic devastation caused by the pandemic, led me to question the effectiveness of our economic system. It seemed clear to me that the existing framework was broken and no longer serving its intended purpose.

As a business school professor, I felt compelled to explore how educators like myself could address these issues and contribute to creating a more sustainable and equitable economic system. It became apparent that our economic system had become entrenched, allowing a few well-informed actors, such as Big Tech companies and their platforms, to exploit the system for their benefit at the expense of others. This exploitation had severe repercussions for both the well-being of individuals and the planet as a whole.

The pandemic has exposed many flaws in our current economic system. It has revealed how vulnerable we are to external shocks such as pandemics or natural disasters. The existing policies have failed to provide adequate support to those affected by these events, leading to widespread hardship among individuals and small businesses. Furthermore, it has become increasingly clear that our reliance on fossil fuels is unsustainable and contributing significantly to climate change.

In light of these challenges, it is imperative that we rethink our approach towards economics. We need an economic system that prioritizes sustainability and social justice while also promoting growth and prosperity for all members of society. As educators in business schools, we have an important role to play in shaping this new paradigm.

We must teach students about alternative economic models such as circular economy or green economy that prioritize resource conservation and recycling over consumption. We must encourage students to think critically about the impact of their decisions on people’s lives and on the planet’s health.

Furthermore, we must advocate for policy changes that promote sustainability such as carbon pricing or green taxes.

In conclusion, my experience during lockdown in northern Italy amidst COVID-19 pandemic has made me realize how broken our current economic system is. As a business school professor with a responsibility towards educating future leaders in business world it is crucial for us to start thinking about alternative approaches towards economics which can provide long term benefits for everyone without compromising sustainability goals