**4. Discussion**

Invalidating assumptions that seemed reasonable at first can lead to a state of confusion. What should we believe now? This is where higher-education and business schools, in particular, have a particularly important role to play and can make a positive and global impact on society. Business schools teach the hard skills (e.g., research, analytics, problem-solving, and reasoning) and the soft skills (communication, cross-cultural literacy, and conflict resolution). In addition, business schools socialize their students with the rest of the university and the business community through general education courses on ethics or other matters, such as political science, computer science, and foreign languages. Students, not only acquire knowledge that is crucially important in the 21st century economy that is more internationally interdependent than ever, but also learn appropriate behaviors and perspectives unlike their own. These skills and behaviors applied to the problems faced by today's society can advance all of us toward a resolution that is acceptable to all (e.g., sharing values and reducing income inequality). In short, business education can help us coexist and reduce conflicts within each country and between countries. To achieve this collaborative approach and avoid divisive issues, an inter-disciplinary education is very important. However, all too often, students focus on one discipline whereas problems call on several disciplines to be solved. These and our society are more complex than ever. Therefore, we must ge<sup>t</sup> both the small and the big pictures right.

By combining the reasonable assumptions above which were based on a narrow perspective with a bigger picture approach, this paper aims to provide a better understanding of key issues that have been plaguing emerging markets. That big picture approach reminds us that the largest two of them

<sup>20</sup> http://fortune.com/global500/.

<sup>21</sup> http://unesdoc.unesco.org/images/0024/002478/247862E.pdf.

<sup>22</sup> https://money.cnn.com/magazines/fortune/fortune\_archive/2005/05/16/8260218/index.htm.

by population (China and India) represent 40% of the world's population. We also need to think in human terms, not just in numbers terms. Qualitative analysis must supplement quantitative analysis to better understand progress to date, as well as the risks and opportunities that lie ahead.

For example, the pattern of world-class companies coming out of emerging markets has surprised many executives and investors in developed markets. In some cases, some of them misunderstood their competition and the threat associated with those emerging multinationals. Some scholars spotted the trend early on (Khanna and Palepu 2010; Guillén and García-Canal 2009; Ramamurti 2012; Holtbrügge and Kreppel 2012). However, due to the focus of most business executives on the small picture and short-term results, many of them did not benefit from these important research contributions. They were blindsided by the risks. It is, therefore, necessary to conceptualize a new and holistic framework [Figure 1] to challenge conventional wisdom in order to improve our assessment of risks and opportunities. This framework combines the quantitative and qualitative analyses of macro trends, micro behaviors (of institutions, firms, customers, especially if they become movements, such as populism), implications, critical thinking, and research. It should result in strategic insights that we call unconventional wisdom, as it challenges pre-conceived ideas and contributes to new conventional wisdom through a feedback loop of continuous improvement.

Education is a choice. We can choose to identify problems, prioritize them, and look for solutions that are acceptable to all and will avoid the worst catastrophic risks from materializing. An inclusive globalization based on shared values (Porter and Kramer 2011) would be advisable since we are all inter-dependent and "all in it together." To put this important concept in practice, business schools play a vital role in the economy and society, in regards to, not only create prosperity but also help re-distribute it, while staying relevant. They must train their students about that role and increasingly about disruptions that affect countries, people –their future and the future of work in the context of artificial intelligence (AI) advances, unparalleled until now—institutions, industries, and markets. Thankfully, business schools are not alone in this daunting tasks. Organized among peers by the Association for the Advancement of Colleges and Schools of Business (AACSB) International since 1916, world's largest business education alliance, they clearly benefit from valuable resources.<sup>23</sup> The new AACSB Chair as of 31 January 2018 shared the organization's new vision and the key success factors for business schools: (1) cultivate a position at the intersection of academe and practice, (2) be a driver of innovation in higher education, and (3) connect with other disciplines (Beck-Dudley 2018). Disruptions and change in general, provide challenges and opportunities. Business schools, as well as the graduates and scholars that they produce, have the unique capacity to address challenges and capitalize on opportunities. It will fascinating to watch how they evolve in society and what positive contributions they will continue to make.
