From Lockdown to Reform: Reflections on the Need for a More Equitable and Sustainable Economy

A cooperative economy: a sustainable solution for an unstable system

During my time in lockdown isolation in northern Italy amidst the COVID-19 pandemic, I took a moment to reflect on the economic frameworks that I have been teaching MBA and executive students for many years. It became clear to me that in a world plagued by growing inequality, the dominance of a select few major platforms, ineffective economic policy, and the depletion of natural resources, our economic system was no longer adequate.

The impacts of the pandemic, along with social unrest and the exploitation of our planet, highlighted the flaws in our current economic framework. The system had allowed a small group of well-informed actors, such as Big Tech companies and their platforms, to manipulate it for their benefit while disregarding the well-being and prosperity of others. This realization led me to question how business school professors like myself could address these issues.

As I pondered the broken economic system and its consequences for society and the environment, I considered the need for a shift in thinking and action. It was clear that the current structures in place were unsustainable and harmful in the long run. It became apparent that changes were necessary to ensure a more equitable and sustainable future for all.

During my time in isolation, I began to explore potential solutions to address these challenges. One approach was to advocate for greater regulation of major tech platforms to prevent them from manipulating public opinion or spreading false information. Another solution was to promote policies that prioritize job creation and income equality over short-term profit gains.

I also realized that businesses had an important role to play in creating a more sustainable future. Companies could adopt eco-friendly practices, invest in renewable energy sources, and work with governments to develop policies that would reduce their carbon footprint.

In conclusion, my time in lockdown isolation during the COVID-19 pandemic gave me pause to reflect on the flaws of our current economic framework. I realized that we needed a shift in thinking and action if we were going to create a more equitable and sustainable future for all. As business school professors like myself looked at ways forward, it became clear that we needed new solutions that would address these challenges head-on.

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