Rethinking Capitalism in the American Business School
On November 7th, 2024, over 70 students, staff, faculty, and community members gathered at Berkeley’s historic Faculty Club for our Election Debrief: Rethinking Capitalism in the American Business School. The mood was somber and reflective – only two days before, the presidential election marked a turn in the collective future of the United States. The 2024 election underscored the fragility of our democracy and the pressing need to rethink the systems that shape our lives. Capitalism, while a driver of innovation and growth, has also fueled inequality, environmental destruction, and social disconnection. As a leading business school, Haas cannot afford to shy away from these realities. And as part of the Berkeley system with history steeped in activism and political change, we can draw on our roots to examine, challenge, and reshape the frameworks we teach and the leaders we cultivate.
In response, the Haas Center for Responsible Business sought to create space to explore what the election’s outcomes could mean for students, their communities, and the future of American democracy and capitalism. But the event was not just an intellectual exercise – it was an urgent call to action. Our capitalist and growth-addicted economic system, as it currently stands, is deeply intertwined with the systemic challenges of our time: inequality, environmental degradation, and political polarization. These issues aren’t distant or abstract; they affect our communities, our democracy, and our future. And, they are embedded in and perpetuated by our society’s most powerful institutions, including our business schools.
The idea that “capitalism is inevitable” is a myth. History shows us that economic systems are created by people – and they can be reimagined by people. Our event sought to challenge the status quo and inspire attendees to think critically about the systems we take part in and will soon lead. Beyond the moment, this gathering was about coming together to spark the skepticism and imagination needed to envision and create a better system.
As Student Advisory Board Members for the Center for Responsible Business, we believe that Berkeley Haas has a unique opportunity and responsibility to lead the way in redefining the purpose of business in society. This event served as a starting point, a space for students, faculty, and thought leaders to reflect on the election’s implications and begin a bold discourse about what a new vision for capitalism might look like. Our gathering was as much about grappling with hard truths as it was about imagining a better way forward.
Election Debrief and Rethinking Capitalism
The event began with Robert Strand, Executive Director of the Center for Responsible Business (CRB) and the Nordic Center at UC Berkeley, introducing Scott Pinkus, CRB Advisory Board Member and Investment Partner at Gratitude Railroad, an early-stage impact investment firm. Drawing on his decades-long relationship with UC Berkeley Haas, Pinkus highlighted the school’s return to its Berkeley roots as a leader in social justice. Strand set the stage by advocating for organizational redesign to prioritize human well-being, emphasizing universal childcare as an example of a foundational step in addressing social inequities, while Pinkus challenged attendees to critically examine capitalism’s societal impact and its relationship with democracy.
The Election Reflections segment, facilitated by CRB members Reese Costis and John Lund-Delaossa, provided a space for attendees to process election outcomes and their implications. In small groups, participants explored their motivations for attending, examined how economic systems drive issues like voter suppression, school inequities, and labor exploitation, and envisioned the movements needed to address these challenges.
Following the brief reflection, CRB Student Advisory Board Member, Paul Logan moderated a panel discussion with three distinguished UC Berkeley faculty offering unique perspectives and expertise. Caitlin Rosenthal, Associate Professor of History at UC Berkeley, studies the history of capitalism, focusing on the evolution of data-driven management practices and their ties to exploitation, as explored in her award-winning book Accounting for Slavery. Sanchita Saxena, Professional Faculty at the Center for Responsible Business, specializes in labor rights in global supply chains, with a focus on the garment industry in Asia and the intersection of business, human rights, and sustainability. Robert Strand, Executive Director of the Center for Responsible Business, is an expert on sustainable capitalism, drawing from Nordic models and his experience in organizational redesign. Rosenthal gave a sharp historical critique of capitalism’s exploitative roots, including its connections to slavery. Saxena challenged superficial approaches to corporate social responsibility, advocating for genuine, systemic action to protect labor rights. Strand highlighted the contradictions in capitalism’s current structure and pointed to Nordic foundation-owned companies as a promising model for sustainable and equitable organizational design.
Audience contributions added critical perspectives to the conversation as well. One attendee urged critical examination of admired systems like Denmark’s migrant policy, while another highlighted the importance of countering polarization and misinformation. These reflections and discussions further underscored our collective need for a new narrative for capitalism – one that centers human dignity, prioritizes environmental stewardship, and strengthens democratic values. If not now, when?
What’s Next?
Coalition-Building
November 7th’s Rethinking Capitalism in the American Business School was the kick-off for a larger conversation and series. Under the banner of Rethinking Capitalism, the Center for Responsible Business is supporting a newly formed coalition of students, faculty, and practitioners to engage critically with the future of the economy and responsible business education. Leveraging CRB’s placement at Berkeley Haas, we envision that together our coalition can bring practitioners and community members across a spectrum of disciplines to work together to build a better future. Our goal is that together, using our combined experience and energy, we can define the future of business and bring it to the mainstream. To that end, we invite you to 1) Sign up for the CRB newsletter below so we can build the Coalition for Responsible Business together, and 2) Attend the exciting Rethinking Capitalism series events already lined up over the next few months, listed here:
Upcoming Opportunities
We’re building momentum with more focused gatherings ahead:
- Jan. 30: Fireside conversation with Natalie Foster on the Guarantee Economy
- Feb. 4: Reimagining a Climate-Positive Culture: Shifting Paradigms Through Film
A Call to Lead
The fight to rethink capitalism is not just a fight for better business models; it’s a fight for the soul of our economy, our democracy, and our shared humanity. Theodore Roosevelt once said, “Far and away the best prize that life has to offer is the chance to work hard at work worth doing.” This is that work. It demands courage, imagination, and a willingness to confront uncomfortable truths.
UC Berkeley has taken a first step by hosting this critical conversation. But this is only the beginning. True leadership means not only participating in discussions but also driving change – through ideas, policies, and actions that challenge the status quo. As students, faculty, and business leaders, we must ask ourselves: What legacy will we leave behind? Will we inherit a system and perpetuate it, or will we have the courage to redefine it?
The next chapter is ours to write. Let’s lead with purpose, act with urgency, and build a capitalism that reflects our values and aspirations. The work begins now. Will you join us?
Sign up here to join the Coalition for Responsible Business to build this movement and stay up to date on future offerings.
About the Authors: John Lund-Delaossa is an EWMBA (25’), Reese Costis is a Full Time MBA (25’) and CRB fellow, and Paul Logan is a Full Time MBA (25’). All three students are active members of the CRB student advisory board.
