According to billionaire George Soros, co-founder of the Institute for New Economic Thinking, proving the bankruptcy of traditional economic theory is “mission accomplished” and it is now time to determine the foundations of a new economic model.
Soros is, without a doubt, a powerful and influential voice: he is articulate, savvy in his understanding of trends, and able to push through ideas with energy and funding. His ideas are worth heeding – even when they are wrong – because they provide new insights. But his claim that the bankruptcy of economic theory is “well-established” has to be taken with a grain of salt simply because it represents a narrow, stylised, strawman view of what economics is and how it relates to the nature of human behaviour.
Read the remainder at The Conversation.
Author: Timothy Devinney
Timothy Devinney is a Professor and Chair of International Business at Alliance Manchester Business School, University of Manchester. Before that he was University Leadership Chair, Professor of International Business and former Pro-Dean of Research and Innovation at the University of Leeds (UK), Professor and Professorial Research Fellow at the Australian Graduate School of Management (AGSM) and Director of the Centre for Corporate Change and the AGSM Executive MBA. He has held positions at Vanderbilt, UCLA, Chicago, CBS and HKUST.
Before joining the AGSM he held positions on the faculties of The University of Chicago, Vanderbilt University and UCLA and has been a visiting faculty member at numerous universities in Europe and Asia, and taught at many others. He has published a dozen books, including Managing the Global Corporation and The Myth of the Ethical Consumer (with P. Auger and G. Eckhardt) and more than 100 articles in leading journals.
In 2008 he was the first recipient in management of an Alexander von Humboldt Research Award (Forschungspreis) and was Rockefeller Foundation Bellagio Fellow. He is a Fellow of the Academy of International Business (AIB), ANZAM, Academy of Social Sciences, the Royal Academy of Arts. European International Business Academy (EIBA) and the Advanced Institute of Management (UK). He is the 2018 winner of the Academy of Management's (AOM) Practice Impact Award and the 2019 Service to the Global Academic Community Award. In 2021 he was elected a Fellow of the AOM.
Timothy was the co-editor of the Academy of Management Perspectives and Advances in International Management as well as being on the editorial review boards of 10 other journals and a Director of SSRN's International Management and Sustainability and Social Policy Research Networks.
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