Business schools, often viewed as the heart of capitalism, are under scrutiny. Critics argue they are not only ineffective but also harmful, contributing to financial crises and economic inequality. Business schools have been accused of promoting a form of capitalism that is focused on short-term profit and disregarding the social and environmental consequences. They are also criticised for their teaching methods, which often rely on simplistic models and theories that do not reflect the complexities of the real business world.
The dominance of business schools in universities is also questioned, as they are seen to crowd out other disciplines. This dominance is driven by the high fees they command, attracting international students who view a business degree as a passport to a successful career. However, there is growing evidence that business degrees do not necessarily lead to higher earnings or better job prospects.
Calls are growing for a radical rethink of business education. Some suggest replacing business schools with departments focusing on public administration or environmental science. Others advocate for a more holistic approach to business education, incorporating ethics, sustainability and social responsibility. Despite these criticisms, business schools remain popular, suggesting that any change will be slow and difficult.
Go to source article: https://www.theguardian.com/news/2018/apr/27/bulldoze-the-business-school