There is no one-size-fits-all playbook that private companies have to follow — not with regard to profits, or managing downturns, or their business playbook. A multinational apparel company like Patagonia can dedicate 100% of its profits to fighting climate change, while a manufacturing technology company like Barry-Wehmiller can refuse layoffs, even with their backs against the wall. Without the obligation to translate every decision into a story that will move stock, these private business owners can afford to think in years, not quarters. They can decide that a person is worth more than a nominal point of margin, and decide for themselves what corporate culture should look like.

The success of public companies no longer grants them freedom or trust; the speed and values of the market have penned leaders in like a hog in a chute. Driven in a single direction, fattened up until they can no longer support their own weight, and then butchered.

While public companies may continue to lead and drive things like infrastructure, capital markets, and scale, it’s time for businesses (and business schools) to look towards a different set of leaders to set the tone of American business culture. Small- and medium-sized businesses, as well as private companies, can build a culture that continues to value human output and innovation in an era where it’s being minimized.