Business schools were once temples of market wisdom, teaching future executives how profits fuel prosperity and voluntary exchange lifts societies out of poverty. Yet our research suggests that these institutions today would rather pursue social change, preaching progressive doctrines with the zeal of converts.
In business schools across the globe, this transformation is well underway. Environmental, social, and governance (ESG) initiatives have proliferated. Diversity, equity, and inclusion programs have become regular fixtures. The “stakeholder model” of corporate governance, which encourages corporate boards to weigh the interests of non-shareholders, has displaced the traditional shareholder-primacy approach. Corporate Social Responsibility (CSR)—the practice of companies aligning with social and environmental causes, often to enhance their public image and manage risk rather than to drive genuine change or accountability—is presented not as an optional add-on but as an essential component of business strategy.
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