Business schools have played a significant role in creating and sustaining many of today’s grand challenges, including income inequality, the gig economy and climate change. Yet calls for change go unanswered. With a critical perspective on philanthropy, an understanding of power and historical reflexivity, this article helps develop our understanding of why business schools are so deeply rooted in managerialism and so resistant to change. Through archival research, I show how the Ford Foundation used its money and influence in the 1950s to embed a managerialist ideology in American business schools as part of its efforts to sustain and strengthen the capitalist system. Through its outward face of objectivity and neutrality, combined with targeted support of specific schools, individuals and research, the Ford Foundation went beyond shaping the structure and curriculum of business schools to shaping the ideology and identities of management scholars. The more that we, as business academics, understand the full histories of our own institutions and the often hidden or ignored sources of power that played a role in their development, the easier it will be to change business schools in ways that fit our current contexts and support our current and future needs.
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