The collapse of Lehman Brothers occupies a unique place in our collective narrative of the great crisis of 2008. The event was not the starting point of a crisis well underway. But it revealed to financial laymen what no one could ignore at the time: the world was about to plunge into one of the most serious financial crises of the modern era.

My name is Max Rasmussen from wowessays and I have often wondered whether the climate crisis, also well underway, would experience a similar event, a tipping point that would call into question habits that were thought to be unshakeable.

We may be tempted to say that a pandemic is not part of the climate emergency - but this is not true, because the climate emergency goes far beyond "simple" global warming, and concerns the instability and uncertainty of an environment that we do not manage as well as we claim.

We are now aware, in a very concrete way, of what this instability and uncertainty can do to supply chains, to the ability of an economy to function, and even to the freedom of individuals to live their lives as they wish.

In the aftermath of the 2008 crisis, leading business schools were often asked what they had done to anticipate this panic and what they would change in their curriculum to support the necessary paradigm shift.

If they do not wish to be subject to the same criticism once the climate emergency has become part of our collective narrative of globalization, they must accelerate their efforts to prepare the talents of tomorrow. This requires rethinking what teaching management means in the age of the coronavirus, by revisiting certain key themes through the prism of this new environment.

Risks and changes of scale

Indeed, in this new world, the rules are likely to be rewritten. The very notion of risk, which underpins economics and finance, takes on a very different dimension in a world that is increasingly hot, populated, and unstable - with all the consequences that this has for fundamental indicators such as the cost of capital. This dynamic is transforming the finance and insurance business.

In his letter to shareholders, the giant Warren Buffett said it best: the ability of insurance companies to prepare for such shocks will be key to their survival. Analytical and anticipatory skills have never been more crucial in management programs.

In the world to come, innovation will of course have to continue. But with what measure of impact? Only at the company level? That would be to ignore a reality that is now inescapable: the company no longer exists in a political, social, or societal vacuum, and its financial performance is inseparable from its non-financial performance.

If it does not think about its relationship with its ecosystem, the latter risks rotting from the inside to the point of becoming inhospitable. Reputational or financial motivations alone are no longer sufficient to explain why a luxury giant like LVMH would decide to invest in the production of hydroalcoholic gel.

The notions of profit and profitability remain, but their calculation becomes more complex, with a growing list of parameters to take into account. This is another dimension to be integrated into curriculums.

In this coming world, production, supply, and value chains will no longer resemble those of today. We are already talking about short circuits, circular economy, and local consumption. These concepts are redrawing the map of global production. But they will not mean the total end of globalization. Those unique products, such as Bayonne ham, Turkish delight from the Istanbul market, or cupcakes from the small artisanal manufacturer in Washington, D.C. will remain irreplaceable.

We must continue to shine and bet on what makes us inimitable. In this context, being a European management school, in the face of American behemoths, presents a fundamental advantage when the challenge lies in our ability to cultivate our differences.

Complex issues

These are three examples of areas that need to be revisited in the traditional curriculum of business schools. This will undoubtedly require a more than ever multidisciplinary approach, imagination and diversity - for it is not by relying on old clichés or yesterday's reading grids that we will succeed in redesigning this curriculum.

The current pandemic is unique in that it affects, or will affect, everyone in the very short term. The surprise caused by this health crisis to some economic actors reflects their unpreparedness and shows the efforts to be made in the field of the effects of the climate emergency on the business world.

This is not even to question the fundamental principles of economics, such as value creation, profitability, or profit maximization - but to realize that the equations of these principles have become profoundly complex.

The generation that will enter the workforce in the next one to three years knows this: the transformation of our approach to management and business is inescapable if we want to preserve our ways of life. They have made this clear through petitions and their open skepticism of companies that their elders once worshipped.

Some business schools are trying to respond to this expectation by accompanying this generation, and those that will follow. We now know why: in order to preserve what we hold dearest, we will have to transform ourselves, profoundly. If you like this article check my website and make sure is wowessay safe.

Read more

5 Tips To Ease Your Search For An Essay Writing Service

Strategies To Use When Researching For An Essay

How To Turn Your Essay Into Some Of Your Best-Written Pieces Ever