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We revisit the problem of redesigning the Master in Business Administration (MBA) program, curriculum, and pedagogy, focusing on understanding and seeking to tame its “wicked problems,” as an intrinsic part and challenge of the MBA program venture, and to render it more realistic and relevant to address major problems and their consequences. We briefly review the theory of wicked problems and methods of dealing with their consequences from multiple perspectives. Most characterization of problems classifies them as simple (problems that have known formulations and solutions), complex (where formulations are known but not their resolutions), unstructured problems (where formulations are unknown, but solutions are estimated), and “wicked” (where both problem formulations and their resolutions are unknown but eventually partially tamable). Uncertainty, unpredictability, randomness, and ambiguity increase from simple to complex to unstructured to wicked problems. A redesigned MBA program should therefore address them effectively through the four semesters in two years. Most of these problems are real and affect life and economies, and hence, business schools cannot but incorporate them into their critical, ethical, and moral thinking.

The 170-year-old Master in Business Administration (MBA) program is becoming obsolete and inefficient to address today's real-world problems, and is facing mounting criticism from business scholars, management deans, and academic scholars alike. Reviewing major criticisms, this chapter suggests a new design for the MBA program that will not only address the criticisms but also accept a paradigm shift that will spearhead it in coming decades. The redesigned MBA “structure” proposes a four-semester full-time program, during which each semester delves into deeper marketplace problems of increasing complexity (i.e., from simple to complex to unstructured to wicked problems) and deals with these problems with new levels of critical thinking skills and ethical reasoning processes tempered by corresponding entrepreneurial knowledge, skills, and values. The “content” of the redesigned program is anchored around five major themes of business learning: namely, intrinsic motivation management, creativity and innovation management, productivity management, revenue management, and eco-sustainability management, each geared to generate professional entrepreneurial knowledge, and skills and values urgently needed today. Numerous beneficial features of this newly redesigned integrated business management program (MBA) are also discussed.

The stable and predictable agricultural, infrastructure, manufacturing, and energy economies of hard products have been followed by economies that offer softer products such as services, information, knowledge, health care, digitization, networking, globalization, entertainment, sustainability, and currently, well-being and happiness. Such soft market products are loaded with buyer–seller information asymmetries (BSIA) that create market risk, market uncertainty, market chaos, and ambiguity – all of which are specific types of market turbulence. In this context, this chapter investigates the phenomena of turbulence, specifically environmental turbulence whose major subsets are technological turbulence and market turbulence. We cite several recent geopolitical variables and events that have aggravated market turbulence such as Chinese economic invasion of global markets, global climate change, Brexit, international asylum-seeking migrations, artificial intelligence, and demonetization. We also define market turbulence as varied forms of BSIA for which both marketers and consumers must have appropriate joint responsibility. In addition, we focus on ethical and moral marketing responsibilities for reducing BSIA under each type of turbulence.

Any credible agenda that seeks to eradicate global poverty must seek to correct the structural injustices and inequities that cause and perpetuate endemic poverty. Such an agenda must aim not merely to aid the poor with grants, welfare, and subsidies (that indirectly perpetuate poverty) but seek to enhance self-sufficiency and productive skills of the poor by ensuring them comparable access to opportunities of the market economies to participate, on more equitable terms, in the dynamic process of overall economic growth. In this context, we apply critical thinking to identify and recognize the structured injustices of the market system, which not only cause poverty but also compromise human dignity via social inequalities and inequities arguably caused by the free market and corporate capital systems of the world. Global poverty that affects more than a quarter of the human population is a pernicious self-serving system connected to the injustices of the business and political systems of the world. The persistent nature of poverty is in direct proportion to our inability to eradicate it as a whole in the cosmic system. Eradication of global desperate poverty and its unjust structural causes can be achieved, we submit, by tracing the roots of global poverty to corporate and free enterprise capital systems and their unexamined structures of social injustice and social inequalities.

This chapter covers basic concepts, ethical theories, and moral paradigms of corporate ethics for identifying, understanding, and responding to the turbulent market challenges of today. The concept, nature, and domain of ethics, business ethics, managerial ethics, and corporate executive ethics are defined and differentiated for their significance. The domain, scope, and nature of related concepts such as legality, ethicality, morality, and executive spirituality are distinguished and developed. Among normative and descriptive ethical theories that we briefly review and critique here are teleology or utilitarianism, deontology or existentialism, distributive justice, corrective justice, and ethics of malfeasance and beneficence. Other moral theories of ethics such as ethics of human dignity, ethics of cardinal virtues, ethics of trusting relations, ethics of stakeholder rights and duties, ethics of moral reasoning and judgment calls, ethics of executive and moral leadership, and ethics of social and moral responsibility will be treated in a later book. The thrust of this book is positive: despite our not very commendable track record in managing this planet and its resources, our basic questions are: Where are we now? What are we now? Where should we as corporations go, and why? What are the specific positive mandates and metrics to corporate executives to reach that desired destiny? This chapter explores responses to these strategic corporate questions.

All of us are born critical thinkers; some perfect this talent; others ignore it as useful in daily life. This chapter follows those who perfected this talent in order to learn from them the art and models of critical thinking in terms of its optimal inputs, processes, and outputs. According to great critical thinkers in business management, critical thinking questions – or should question – the obsessive generalizations, constraints, and “best” practices of the prevailing system of management, and try to replace them with more valid assumptions and more meaningful generalizations that uphold the dignity, uniqueness, and inalienable rights of the individual person and the community. After setting out some cases illustrating the lack of critical thinking, in Part I of this chapter, we introduce some representative management thinkers on critical thinking, and in Part II, we introduce eight models or practical approaches for critical thinking.

There is a rising interest in ethical, moral, and spiritual challenges and imperatives, accountabilities, and responsibilities in the corporation. Governance issues arise whenever a corporate entity assumes a life of its own, and the ownership of an enterprise is separated from its management. How could owners ensure that “professional managers” hired and delegated to run their companies would run the venture to protect owners’ interests? What is and should be the moral quality of the corporation that CEOs govern? What types of corporate governance, ownership, and control modes and models should CEOs adopt such that they ensure long-term objectives of all stakeholders of the corporation? These ethical questions are central issues in the world of corporations today battled as they are with various pressures from governments, Wall Street analysts, credit ratings agencies, banks and promoters, private equity and hedge funds, and hostile takeovers. Such questions will always be crucial when fiduciary rights and duties attached to investment and ownership cannot be applied directly. This is the context of today’s corporate governance that this Epilogue to Volume I explores.