June 23, 2006

The Broken M.B.A.

By CARL J. SCHRAMM

The American business school is broken. Intended to serve society by serving business, it no longer meets the needs of either. The first collegiate business schools were formed in response to a vast change in the nation's economy in the late 19th and early 20th centuries. Large, complex corporations were replacing smaller, owner-managed companies as the dominant economic players. The new world of large-scale organizations required legions of professional managers, and M.B.A. programs arose to

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