From Pandemic Lockdown to Economic Revolution: A Business Professor’s Reflection on the Brokenness of Our Current Economic System

Amidst the COVID-19 pandemic, while in lockdown in northern Italy, I took a moment to reflect on the teachings I have been imparting 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.