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Capitalism is under siege (Porter & Kramer, 2011), and business schools are under fire (Amann et al., 2013). So, management and leadership education in higher education institutions should be reinvented under the more challenging era of capitalism. How then can business schools cope with these challenges and contribute to global endeavor for making sustainable capitalism? In this context, there is thus reason for the following three core concerns that new understanding of management and leadership education is required. First, shortcomings of contemporary capitalism lead to failures of responsible management. Second, ethical failure of management leadership is a pressing issue. Third, academic responsibility under the new capitalism remains unexamined. Based on these three core concerns, we seek to generate inclusive insights into the educational embeddedness of management and leadership members and the consequences of such embeddedness on managerial processes, structures, and outcomes under contemporary capitalism.