CHAPTER 6: Assessing A Virtuous Circle For Socially Responsible Business Schools

The infamous lack of personal and business values that induced the recent financial market chaos and the global economic crisis has strengthened the need for immediate and decisive changes in business education. Consequently, global initiatives for business education with the capabilities of the Principles for Responsible Management Education (PRME) have become essential, as well as the adoption of more congruent standards by the leading accreditation bodies: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA), and the European Quality Improvement System (EQUIS). Such specifically revised standards, along with an extension of the Beyond Grey Pinstripes (BGP) survey, sponsored by The Aspen Institute (2009), to include new criteria for the evaluation of social responsibility at the organizational level, can impel business schools to become socially responsible institutions.