University Examples of Capitalism in Action

The Capitalism business simulation has been used as a teaching tool in universities around the world. It provides students with hands-on experience in navigating the complexities and challenges of operating a business in a competitive market environment. Here are some examples of universities that have used Capitalism in teaching:

The United States

Duke University
University of North Carolina

The Capitalism Story: How Duke and UNC MBAs Dueled for Business Supremacy

In a spirited competition, MBA students from the Fuqua School of Business at Duke University and the Kenan-Flagler Business School at the University of North Carolina were challenged to apply their academic knowledge in a practical setting. Entrusted with a virtual business and a starting capital of $10 million within Capitalism business simulation, participants expanded their companies, grew market shares, and launched innovative R&D initiatives. Demonstrating remarkable business acumen, both teams excelled in nurturing their ventures. However, by a narrow edge, the Duke team emerged victorious, clinching a $500 prize and earning the privilege to contribute $1000 to a charity of their choosing.

Harvard University
Stanford University

The Capitalism Story: Battle of the Business Minds: Stanford vs. Harvard in the National Capitalism Contest

In the National Capitalism Contest, which was covered by Discovery Channel TV, three teams of students from Stanford and Harvard fiercely competed to build the most profitable business using the Capitalism business simulation. Over the course of four hours, the students demonstrated their exceptional skills in managing billion-dollar empires, showcasing their expertise in strategy, finance, and operations. The final score was calculated based on each team’s individual wealth, number of industries controlled, product market share, and corporate market value. In a closely fought battle, the Stanford Undergrad team emerged victorious, beating their counterparts from Harvard and Stanford Grad schools to take home the top honors. The contest was a testament to the students’ business acumen and their ability to thrive in a highly competitive environment.

Canada

British Columbia Institute of Technology

In an innovative educational endeavor, Malcolm Ferrier, a faculty member at the British Columbia Institute of Technology (BCIT) with a unique blend of real-world IT consulting experience through his company, Ferrier Consulting, introduced Capitalism into his curriculum. Recognizing the challenge of engaging students in complex economic concepts, Ferrier sought to leverage the universal appeal of video games. His strategy was to transform traditional learning into an interactive experience, allowing students to explore the intricacies of capitalism through gameplay.

Capitalism became a pivotal part of his teaching methodology. It provided a practical, hands-on approach to understanding market dynamics, financial management, and strategic decision-making in a competitive environment. Ferrier’s initiative marked a significant shift from conventional pedagogical techniques, engaging students in a dynamic and immersive learning process.

The feedback from students was overwhelmingly positive. They appreciated the opportunity to apply theoretical knowledge in a simulated real-world context, enhancing their learning experience and retention

The Philippines

De La Salle University

In the heart of Manila, at De La Salle University, an innovative educational approach was being adopted by the Department of Management and Organization within the Ramon V. del Rosario College of Business. This program, initiated by Professor Benito Teehankee, aimed to reimagine the teaching of business strategy and ethics. The department embraced a policy decision to integrate gamification into business education, aligning with the government’s thrust towards outcomes-based education.

The chosen medium for this innovative strategy was the business simulation game, Capitalism Lab. It is not a mere game for entertainment; it is a meticulously planned educational instrument designed to teach students about the intricacies of running a business in a competitive market environment, with an emphasis on the importance of business ethics and social responsibility.

The game was integrated into the course syllabus, with students forming teams to run their virtual companies. The challenge was not only to outperform competitors in the virtual market but to do so while adhering to ethical business practices and contributing to social goods. Educators guided their students through the simulation, encouraging them to think critically about the impact of their business decisions not just on their bottom line, but on society as a whole.

As the semester progressed, students began to see the fruits of their labor. The students invested a portion of their virtual profits into providing training to their in-game employees. This not only increased their productivity but also led to higher wages for the virtual workers. As a result, the virtual population had higher disposable income, which allowed them to spend more on products from the students’ virtual company. This strategic move not only earned the team a competitive edge in the game but also highlighted the real-world application of investing in human capital.

The implementation of Capitalism Lab at De La Salle University became a testament to the potential of innovative educational tools in shaping the minds of future business leaders. Students emerged from the course not only with a deeper understanding of business strategy but also with a firm grasp of the importance of ethics in business. They learned that true success in the business world is not measured solely by profit margins but by the positive impact a company can have on society.

As the semester came to a close, the virtual companies within Capitalism Lab were dissolved, but the lessons learned remained. The students of De La Salle University, armed with knowledge, were ready to venture into the real world, committed to making ethical decisions and contributing to the social good, proving that in the game of business, integrity is the ultimate winning strategy.

In the following video, Professor Benito Teehankee gave a talk about using the Capitalism Lab Simulation for Business Education at the 8th National Business and Management Conference in the Philippines.