In Lockdown Reflection: How the COVID-19 Pandemic Revealed Flaws in Our Economic System and Called for Change

A cooperative economy: a sustainable solution for an unstable system

During my time in lockdown isolation amidst the COVID-19 pandemic, I took a moment to reflect on the 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.

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