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Gunnar Trumbull

Gunnar Trumbull

Philip Caldwell Professor of Business Administration

Philip Caldwell Professor of Business Administration

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Gunnar Trumbull is the Phillip Caldwell Professor of Business Administration at Harvard Business School.

Professor Trumbull’s primary area of expertise in political economy, with a focus on climate change. His current research and teaching focuses on business and climate regulation. His book at Harvard Business School Press is entitled A Concise Business Guide to Climate Change. He teaches executives and MBA students about business and climate, including an elective MBA course called Global Climate Change. He is co-director of the Green Industrial Strategy program founded as a collaborative project between HBS and UC Berkeley. 

His past work has focused on consumer politics. His book Strength in Numbers explores how even weak groups in society are able to gain economic and political influence. Trumbull has also written books on French innovation policy (Silicon and the State), consumer credit markets (Consumer Lending), and European consumer politics (Consumer Capitalism).

Professor Trumbull earned his AB in History and Literature at Harvard College. After college, he helped to found the NGO Geohazards International. He earned his PhD in Political Science at MIT, and joined HBS in 2001 as a member of the Business, Government and the International Economy unit. Recent honors include the Williams Award for excellence in teaching and the Student Association’s Faculty Award for outstanding teaching.

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Business, Government and the International Economy
+1 (617) 495-6326
 
Gunnar Trumbull
Unit
Business, Government and the International Economy
Contact Information
(617) 495-6326
Featured Work Publications Research Summary Awards & Honors
Concise Business Guide to Climate Change
What Managers, Executives, and Students Need to Know
As managers around the world confront and educate themselves about how climate change is affecting their businesses, A Concise Business Guide to Climate Change provides a single, short, and accessible account of the information crucial to understanding and addressing these new challenges. What causes climate change? How do countries and companies measure their climate impact? What is the role of carbon markets? How are governments responding? What kind of corporate emissions targets make sense, and how can they be achieved? This book presents the basic scientific, economic, policy, and accounting frameworks that managers need to answer these questions.

From the Introduction:

“Climate change is a big problem. It will require ingenuity, and that we shepherd scarce resources… Yet the most valuable and potentially scarcest resource through this transition is likely to be effective and thoughtful leadership. Sector by sector, we face the kind of transformation that will challenge the mettle and vision of our global managerial class. This book is intended to support these leaders as they begin their decarbonization journey.”

Gunnar Trumbull is the Phillip Caldwell Professor of Business Administration at Harvard Business School.

Professor Trumbull’s primary area of expertise in political economy, with a focus on climate change. His current research and teaching focuses on business and climate regulation. His book at Harvard Business School Press is entitled A Concise Business Guide to Climate Change. He teaches executives and MBA students about business and climate, including an elective MBA course called Global Climate Change. He is co-director of the Green Industrial Strategy program founded as a collaborative project between HBS and UC Berkeley. 

His past work has focused on consumer politics. His book Strength in Numbers explores how even weak groups in society are able to gain economic and political influence. Trumbull has also written books on French innovation policy (Silicon and the State), consumer credit markets (Consumer Lending), and European consumer politics (Consumer Capitalism).

Professor Trumbull earned his AB in History and Literature at Harvard College. After college, he helped to found the NGO Geohazards International. He earned his PhD in Political Science at MIT, and joined HBS in 2001 as a member of the Business, Government and the International Economy unit. Recent honors include the Williams Award for excellence in teaching and the Student Association’s Faculty Award for outstanding teaching.

Featured Work
Concise Business Guide to Climate Change
What Managers, Executives, and Students Need to Know
As managers around the world confront and educate themselves about how climate change is affecting their businesses, A Concise Business Guide to Climate Change provides a single, short, and accessible account of the information crucial to understanding and addressing these new challenges. What causes climate change? How do countries and companies measure their climate impact? What is the role of carbon markets? How are governments responding? What kind of corporate emissions targets make sense, and how can they be achieved? This book presents the basic scientific, economic, policy, and accounting frameworks that managers need to answer these questions.

From the Introduction:

“Climate change is a big problem. It will require ingenuity, and that we shepherd scarce resources… Yet the most valuable and potentially scarcest resource through this transition is likely to be effective and thoughtful leadership. Sector by sector, we face the kind of transformation that will challenge the mettle and vision of our global managerial class. This book is intended to support these leaders as they begin their decarbonization journey.”

Books
  • Trumbull, J. Gunnar. A Concise Business Guide to Climate Change: What Managers, Executives, and Students Need to Know. Boston, MA: Harvard Business Review Press, 2025. View Details
  • Trumbull, Gunnar. Consumer Lending in France and America: Credit and Welfare. New York: Cambridge University Press, 2014. View Details
  • Trumbull, Gunnar. Strength in Numbers: The Political Power of Weak Interests. Cambridge, MA: Harvard University Press, 2012. View Details
  • Trumbull, Gunnar. Consumer Capitalism: Politics, Product Markets, and Firm Strategy in France and Germany. Ithaca: Cornell University Press, 2006. View Details
  • Trumbull, Gunnar. Silicon and the State: French Innovation Policy in the Internet Age. Washington, D.C.: Brookings Institution Press, 2004. View Details
Journal Articles
  • Trumbull, Gunnar, and Peter Tufano. "A Brief Postwar History of U.S. Consumer Finance." Business History Review 85, no. 3 (Fall 2011): 461–498. View Details
  • Trumbull, Gunnar. "Credit Access and Social Welfare: The Rise of Consumer Lending in the United States and France." Politics & Society 40, no. 1 (March 2012): 9–34. View Details
  • Trumbull, Gunnar. "Varieties of Consumerism." Jahrbuch für Wirtschaftsgeschichte (spring 2006). View Details
  • Trumbull, Gunnar. "Policy Activism in a Globalized Economy: France's 35-hour Work Week." French Politics, Culture and Society 20, no. 3 (fall 2002). View Details
  • Trumbull, Gunnar. "More Trade, Safer Products." Schweizerische Zeitschrift für Politikwissenschaft (fall 2000). View Details
Book Chapters
  • Trumbull, J. Gunnar. "Banking on Consumer Credit: Explaining Patterns of Household Borrowing in the United States and France." Chap. 7 in The Development of Consumer Credit in Global Perspective: Business, Regulation, and Culture, edited by Jan Logemann. New York: Palgrave Macmillan, 2012. View Details
  • Trumbull, Gunnar. "Consumer Policy: Business and the Politics of Consumption." Chap. 27 in The Oxford Handbook of Business and Government, edited by David Coen, Wyn Grant, and Graham Wilson, 622–642. Oxford: Oxford University Press, 2010. View Details
  • Trumbull, J. Gunnar. "Between Global and Local: The Invention of Data Privacy in the United States and France." In The Voice of the Citizen Consumer: A History of Market Research, Consumer Movements, and the Political Public Sphere, edited by Kerstin Bruckweh. Oxford: Oxford University Press, 2011. View Details
  • Trumbull, Gunnar. "The Surprise of Collective Action: Consumer Mobilization in France, 1970-1985." In Affluence and Activism: Organized Consumers in the Post-War Era, edited by Even Lange and Iselin Theien. Oslo: Unipub, 2004. View Details
  • Trumbull, Gunnar. "Strategies of Consumer Group Mobilization." In Material Politics: The State and Consumer Society, edited by Martin Daunton and Matthew Hilton. Oxford: Berg, 2000. View Details
  • Trumbull, Gunnar. "Divergent Paths of Product Market Regulation in France and Germany, 1970-1990." In Global Political Economy: Among and Within Nations, edited by Stuart S. Nagel. New York: Marcel Dekker, 2000. View Details
  • Trumbull, Gunnar, Anne Wren, Bob Hancke, and David Soskice. "Wage Bargaining, Labour Markets and Macroeconomic Performance in the Netherlands." In The German and Dutch Economies: Who Follows Whom? edited by Lei Delsen and Eelke de Jong. New York: Physica-Verlag, 1998. View Details
Working Papers
  • Ryan, Andrea, Gunnar Trumbull, and Peter Tufano. "A Brief Postwar History of U.S. Consumer Finance." Harvard Business School Working Paper, No. 11-058, December 2010. View Details
  • Trumbull, J. Gunnar. "Regulating for Legitimacy: Consumer Credit Access in France and America." Harvard Business School Working Paper, No. 11-047, November 2010. View Details
  • Trumbull, Gunnar. "From Rents to Risks: France's New Innovation Policy." Harvard Business School Working Paper, No. 04-020, October 2003. View Details
  • Trumbull, Gunnar. "The Rise of Consumer Politics: Market Institutions and Product Choice in Postwar France and Germany." Harvard Business School Working Paper, No. 03-054, October 2002. View Details
Cases and Teaching Materials
  • Trumbull, Gunnar, Joseph B. Fuller, Emilie Billaud, and Gizem Cihan Dincsoy. "Beko: Leveraging Sustainability for Growth." Harvard Business School Case 726-006, August 2025. (Revised December 2025.) View Details
  • Trumbull, Gunnar. "Kiribati: Sea Level Rise and the Politics of Vulnerability." Harvard Business School Case 726-003, August 2025. View Details
  • Krieger, Joshua Lev, Jim Matheson, Kyle Myers, Gunnar Trumbull, and Richard Vietor. "Commonwealth Fusion Systems: Born at Scale." Harvard Business School Case 825-061, August 2024. (Revised November 2024.) View Details
  • Spar, Debora L., Gunnar Trumbull, Henry Tao, and Julia Comeau. "H2 Green Steel: A Clean-Tech Triple Play?" Harvard Business School Case 324-101, March 2024. (Revised July 2024.) View Details
  • Trumbull, Gunnar, Nobuo Sato, and Akiko Kanno. "Kawasaki Heavy Industries Bets on Clean Hydrogen." Harvard Business School Case 724-035, March 2024. (Revised November 2024.) View Details
  • Jakli, Laura, Jonas Meckling, and J. Gunnar Trumbull. "Fit for 55: Europe at a Climate Crossroads?" Harvard Business School Case 724-036, March 2024. View Details
  • Trumbull, Gunnar, and Malini Sen. "ReNew (B): A New Direction." Harvard Business School Supplement 724-032, February 2024. View Details
  • Trumbull, Gunnar, Pedro Levindo, Daniel Tong, and Rafaella Mazza. "Raízen: Helping to Decarbonize the World?" Harvard Business School Case 724-014, December 2023. View Details
  • Trumbull, Gunnar. "The Carbon Age." Harvard Business School Background Note 724-025, January 2024. View Details
  • Trumbull, Gunnar, and Jonathan Schlefer. "Germany, Europe, and Green Industrial Revolution." Harvard Business School Case 723-043, February 2023. View Details
  • Trumbull, Gunnar. "Colossal: Bringing Back the Woolly Mammoth." Harvard Business School Case 722-056, April 2022. (Revised May 2023.) View Details
  • Trumbull, Gunnar. "Cultivo: Investing in Natural Capital." Harvard Business School Case 722-055, May 2022. View Details
  • Trumbull, Gunnar, and James Barnett. "Climate Change & the Biden Administration." Harvard Business School Case 722-030, March 2022. (Revised February 2024.) View Details
  • Trumbull, Gunnar, Bonnie Yining Cao, and Dawn H. Lau. "Envision Group." Harvard Business School Case 722-045, January 2022. (Revised February 2022.) View Details
  • Trumbull, Gunnar, and Malini Sen. "ReNew Power: Leading the Energy Transition in India." Harvard Business School Case 722-028, January 2022. (Revised January 2024.) View Details
  • Trumbull, J. Gunnar. "Accounting for Climate Change." Harvard Business School Technical Note 722-046, January 2022. View Details
  • Trumbull, J. Gunnar. "The German Export Engine." Harvard Business School Teaching Note 720-014, September 2019. View Details
  • Reinhardt, Forest, Gunnar Trumbull, Naoko Jinjo, and Mayuka Yamazaki. "Rice in Japan." Harvard Business School Case 717-032, December 2016. (Revised April 2019.) View Details
  • Reinhardt, Forest, Gunnar Trumbull, and Mahima Rao-Kachroo. "Jain Irrigation Systems Limited: Continuing a Legacy." Harvard Business School Case 719-044, January 2019. (Revised July 2022.) View Details
  • Trumbull, Gunnar J., Elena Corsi, and Daniela Beyersdorfer. "Managing the European Refugee Crisis." Harvard Business School Case 716-076, April 2016. (Revised July 2016.) View Details
  • Trumbull, Gunnar, Jonathan Schlefer, and Sophus A. Reinert. "The German Export Engine." Harvard Business School Case 715-045, April 2015. (Revised October 2024.) View Details
  • Trumbull, Gunnar, Jonathan Schlefer, and Diane Choi. "Europe: An Ever Closer Union?" Harvard Business School Case 713-085, April 2013. View Details
  • Trumbull, J. Gunnar, and Jonathan Schlefer. "Note on the Arab Spring." Harvard Business School Background Note 712-055, April 2012. View Details
  • Comin, Diego A., and J. Gunnar Trumbull. "Fraunhofer: Innovation in Germany (TN)." Harvard Business School Teaching Note 711-063, March 2011. (Revised March 2012.) View Details
  • Comin, Diego A., J. Gunnar Trumbull, and Kerry Yang. "Fraunhofer: Innovation in Germany." Harvard Business School Case 711-022, March 2011. (Revised March 2012.) View Details
  • Reinhardt, Forest L., J. Gunnar Trumbull, Mikell Hyman, Patia McGrath, and Nazli Zeynep Uludere. "The Political Economy of Carbon Trading." Harvard Business School Case 710-056, February 2010. (Revised April 2011.) View Details
  • Trumbull, J. Gunnar. "Santander Consumer Finance (TN)." Harvard Business School Teaching Note 711-093, April 2011. View Details
  • Trumbull, J. Gunnar, Elena Corsi, and Elisa Farri. "ABB: 'In China, for China'." Harvard Business School Case 711-044, November 2010. (Revised December 2012.) View Details
  • Trumbull, J. Gunnar, and Diane Choi. "European Union: The Road to Lisbon (TN)." Harvard Business School Teaching Note 711-091, April 2011. View Details
  • Trumbull, J. Gunnar, Dante Roscini, and Diane Choi. "The Euro in Crisis: Decision Time at the European Central Bank (TN)." Harvard Business School Teaching Note 711-094, April 2011. View Details
  • Trumbull, J. Gunnar, and Diane Choi. "Common Agricultural Policy and the Future of French Farming (TN)." Harvard Business School Teaching Note 711-101, April 2011. View Details
  • Trumbull, J. Gunnar. "The Financial Crisis of 2008 (TN)." Harvard Business School Teaching Note 711-092, April 2011. View Details
  • Trumbull, J. Gunnar. "Consumer Lending in Japan: Citi CFJ (TN) (A) & (B)." Harvard Business School Teaching Note 711-102, April 2011. View Details
  • Comin, Diego A., J. Gunnar Trumbull, and Kerry Yang. "Fraunhofer: Five Significant Innovations." Harvard Business School Supplement 711-058, March 2011. View Details
  • Trumbull, J. Gunnar. "ABB: 'In China, for China' (TN)." Harvard Business School Teaching Note 711-095, March 2011. View Details
  • Trumbull, J. Gunnar. "Varieties of Capitalism." Harvard Business School Module Note 711-096, March 2011. View Details
  • Reinhardt, Forest L., and J. Gunnar Trumbull. "The Political Economy of Carbon Trading (TN)." Harvard Business School Teaching Note 711-098, March 2011. View Details
  • Trumbull, J. Gunnar, Dante Roscini, and Diane Choi. "The Euro in Crisis: Decision Time at the European Central Bank." Harvard Business School Case 711-049, December 2010. (Revised March 2011.) View Details
  • Trumbull, J. Gunnar, Elena Corsi, and Andrew Barron. "Santander Consumer Finance." Harvard Business School Case 711-015, September 2010. (Revised December 2010.) View Details
  • Maurer, Noel, Debora L. Spar, and J. Gunnar Trumbull. "Afghanistan 2006: Building a Brand New State." Harvard Business School Case 707-033, January 2007. (Revised February 2010.) View Details
  • Trumbull, J. Gunnar, and Akiko Kanno. "Consumer Lending in Japan: Citi CFJ (A)." Harvard Business School Case 709-017, October 2008. (Revised September 2009.) View Details
  • Trumbull, J. Gunnar, and Akiko Kanno. "Consumer Lending in Japan: Citi CFJ (B)." Harvard Business School Supplement 710-018, September 2009. View Details
  • Trumbull, J. Gunnar. "The Financial Crisis of 2008." Harvard Business School Case 709-036, December 2008. View Details
  • Trumbull, J. Gunnar. "The European Union in the 21st Century." Harvard Business School Case 707-021, December 2006. (Revised March 2008.) View Details
  • Trumbull, J. Gunnar, Vincent Marie Dessain, and Elena Corsi. "Common Agricultural Policy and the Future of French Farming." Harvard Business School Case 707-027, December 2006. (Revised March 2007.) View Details
  • Trumbull, J. Gunnar. "Wal-Mart in Europe (TN)." Harvard Business School Teaching Note 706-049, June 2006. View Details
  • Trumbull, J. Gunnar, and Louisa Neissa. "Wal-Mart in Europe." Harvard Business School Case 704-027, April 2004. (Revised July 2019.) View Details
  • Trumbull, J. Gunnar. "Creation of the European Union, The." Harvard Business School Case 703-032, April 2003. (Revised November 2003.) View Details
Other Publications and Materials
  • Trumbull, J. Gunnar. "Europe and Globalization: Report Prepared for the National Intelligence Council." December 2000. View Details
Research Summary
Overview
My research focuses on how firms and governments interact to support decarbonization. How do firms approach climate change from a strategic perspective? How can government policies support and accellerate those efforts in ways that boost national competitiveness?
Keywords: Decarbonization; Strategy And Leadership; Climate Change; Energy Industry; Manufacturing Industry; Service Industry; Europe; China; India; Brazil
Green Industrial Strategy
How do firms and governments work together to support and accelerate corporate decarbonization? As firms increasingly integrate climate responses into their corporate strategies, governments must design policies that support and defend those efforts. Successfully deployed, government climate policies can drive national economic competitiveness by supporting local green industry.
Keywords: Climate; Decarbonization; Sustainability; Climate Change; Energy Industry; Manufacturing Industry; Service Industry; United States; European Union; China; India; Brazil
Awards & Honors
Received the 2016 Charles M. Williams Award for Excellence in Teaching.
Received the 2014 HBS Student Association Faculty Award for Outstanding Teaching in the Required Curriculum.
Received the 2013 HBS Student Association Faculty Award for Outstanding Teaching in the Required Curriculum.
Received the 2016 HBS Student Association Faculty Award for Outstanding Teaching in the Required Curriculum.
Received the 2013 Charles M. Williams Award for Excellence in Teaching.
Recipient of the 2024 Excellence in Refereeing Award from the Review of Economic Studies.
Additional Information
  • Working Knowledge Articles
Affiliations
  • Center for European Studies
  • Business, Government and the International Economy
Areas of Interest
  • consumer finance
  • consumer goods
  • consumer policy
  • government and business
  • political economy
  • Additional Topics
  • technological innovation
  • Industries
  • agribusiness
  • consumer products
  • credit card
  • financial services
  • food
  • food processing
  • grocery
  • microfinance
  • retail financial services
  • retailing
  • Geographies
  • France
  • Germany
  • Western Europe
Additional Information
Working Knowledge Articles

Affiliations

Center for European Studies
Business, Government and the International Economy

Areas of Interest

consumer finance
consumer goods
consumer policy
government and business
political economy
 More

Additional Topics

technological innovation

Industries

agribusiness
consumer products
credit card
financial services
food
food processing
grocery
microfinance
retail financial services
retailing

Geographies

France
Germany
Western Europe
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