Abstract

What should be expected from a business school or, more generally, from a university? Some argue that business schools have been the major success story of the university in recent decades. Business schools play an essential role in shaping global trends, connecting academia to industry, and fostering future leaders. However, there has been a harsh criticism of the behavior of professional economists and managers, and many critics have pointed to a common theme: offering a value proposition that primarily emphasizes the career-enhancing, salary-increasing aspects of business education. It is long past time to rethink the educational concepts that frame today’s institutions, placing more emphasis on creativity, compassion, collaboration, and community, while moving away from values that have undermined pro-ecological and pro-social behavior in recent years. Drawing from this premise we argue that universities should educate young people to lead their lives in a troubled world in the interest of the common good. Accordingly, this chapter discusses what the common good is, in order to develop a vision of the common good university, based upon universal human and ecological values, holistically pro-social and pro-environment. With this holistic model in mind, we survey the efforts of five higher educational institutions in Hungary, Italy, Norway, the UK and the US, as they seek to embrace at least some elements of the common good, by analyzing their mission statements and activities. The insights deriving from the study contribute to the discussion on what the common good is and how it can be operationalized by business schools and universities. They also point at further steps in a journey—in some cases still in its infancy—of improvement, calling for the direct involvement of students, scholars, and other stakeholders at grassroot level.