Exploring the Limitations of Our Existing Economic System in the Age of COVID-19: A Call for Innovative Solutions to Promote Sustainability and Equity

As a business school professor who has been imparting teachings to my MBA and executive students for many years, I found myself reflecting on the economic system during my time in lockdown in northern Italy amidst the COVID-19 pandemic. 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 existing framework.

It became clear to me that our economic system had become entrenched, allowing a few well-informed actors, such as the 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. As an educator, I felt compelled to explore how we could address these issues and contribute to creating a more sustainable and equitable economic system.

In my view, it is crucial for us to recognize that our current economic system is not working as intended. We need to find new ways of thinking about how we can create an economy that serves everyone’s needs while also protecting our planet’s resources. This will require collaboration between educators like myself and policymakers who have the power to make changes.

As a starting point, I believe that we need to focus on developing new business models that prioritize sustainability and social responsibility. These models should be designed with input from diverse stakeholders including workers, communities, and environmental groups. We also need to invest in education programs that prepare future leaders with the skills they need to navigate this new economy.

Ultimately, creating a more sustainable and equitable economic system will require us all to work together towards common goals. As educators and policymakers alike, we must remain committed to finding innovative solutions that promote growth while also protecting our planet’s resources for future generations.