Business Schools Need Curriculum Overhaul, Says Turkish Tycoon Murat Ülker

Turkish business magnate Murat Ülker has called for a significant overhaul of business school curricula, arguing that current educational models are stuck in the past and ill-equipped to handle contemporary global issues.

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Isn't it more accurate to read the factors we've encountered in recent years, such as the climate crisis, income distribution and wealth inequality, and the influence of business on politics, not as external effects, but as consequences of the world order we have established?

In a critical piece, Ülker questioned the fundamental purpose of business and markets, suggesting that common adages like "the market finds its own way" are no longer sufficient. He contends that pressing issues such as the climate crisis, wealth inequality, and the influence of business on politics are not external factors but direct consequences of the current world order. This necessitates a re-examination of what is taught in business schools.

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If the market is truly finding its own way, or are we not leaving it any other path? In that case, don't we need to address the issue from its roots, meaning change what we teach in business schools?

Ülker draws inspiration from Andrew J. Hoffman's "Business School and the Noble Purpose of the Market: Correcting the Systemic Failures of Shareholder Capitalism." Hoffman, an academic with over thirty years of experience teaching sustainability, argues that focusing solely on business narrows perspectives and sidelines ethical considerations. When the market takes center stage, the culture of coexistence is jeopardized, and critical issues like climate change require not just fitting sustainability into existing frameworks but fundamentally rebuilding the rules of business around it.

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When the market takes center stage, prioritizing the culture of coexistence becomes impossible.

The current business education system, Ülker asserts, prioritizes shareholder value, views the public as an obstacle, and promotes endless growth. While students learn powerful tools in strategy and finance, the ultimate purpose of these tools is often neglected. He emphasizes that today's leaders must look beyond profitability to consider the stability of the system, fair processes, and the relationship with the environment. Ülker believes that reforming the rules of the market, including incentives and measurement methods, is crucial, and this transformation must begin with how business principles are taught.

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The author states that today's business schools are designed for a world that is no longer valid.