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8 - Afterword: business school futures

Published online by Cambridge University Press:  05 July 2013

Howard Thomas
Affiliation:
Singapore Management University
Peter Lorange
Affiliation:
Lorange Institute of Business
Jagdish Sheth
Affiliation:
Emory University, Atlanta
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Summary

As mentioned in the Preface, this book is a sort of freeze-frame view of business schools and the management education industry at a moment in time – we cannot be sure yet if what follows will be an inelegant pratfall or a graceful recovery.

The book contains some suggestions both for how to avoid the former and embrace the latter, but the result will be in the hands of the business schools themselves and, in particular, their deans and senior faculty.

There are two key issues (among others, of course) that they will need to address:

  • the business model of business schools;

  • the impact of a globalised world.

How they handle them will have a huge influence on their future.

BUSINESS MODEL

We have pointed out here and elsewhere that the current somewhat luxurious business model employed and enjoyed by many leading business schools is potentially unstable and possibly unsustainable in the longer term.

The key is funding – where it comes from and where it is spent.

The largest percentage of business school funding has traditionally come from the state. Schools are directly funded to educate students and to produce research. The state perceives education as a public good that produces an educated workforce, which eventually should produce returns to the state through higher productivity and taxes. Equally, research is seen as generating innovation that also creates long-term public benefit.

Type
Chapter
Information
The Business School in the Twenty-First Century
Emergent Challenges and New Business Models
, pp. 267 - 271
Publisher: Cambridge University Press
Print publication year: 2013

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References

Peters, K. and Thomas, H. (2011). A sustainable model for business schools. Global Focus: The EFMD Business Magazine, 5(2): 24–7.Google Scholar

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