Were Business School to Blame for the Financial Crisis? Essays

1286 Words Jul 31st, 2013 6 Pages
• Were business school to blame for the financial crisis?
• What should business school do to help prevent similar crisis in the future?

All over the world, global financial crisis is considered as one of the worst economic recessions, which has affected other countries in several parts of the world. Many people claim that business school is nurturing their students with less regard for the social responsibility and sustainability of a business success than there should be.
The argument concerning the academies of the apocalypse has been widely discussed in terms of the effect on financial predicament due to an inadequate preparation of business education. This essay will presents a various points of view about whether business school
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Similar to Gempesaw (2009, p.333) citing Curtis’s views on the economic recession that greed and the lack of ethical behavior can bring about mismanagement and lead to the current economic slowdown. He complains about business education that it only focuses on maximizing shareholder value rather than the importance of social responsibility, which should be considered as essential as profit margin and growth. Hence, this profit maximization should not be considered as the only one aspect to succeed in the business organisation.

In contrast, there has been a plenty of opponent presenting an opposite side on the view of business school curriculum. Some critics argue that a number of business programmes consist of social discipline including an understanding of ethics and corporate social responsibility (CSR), which are essential to business leadership. David Crowther, professor of CSR at Leicester school, states that the study of CSR has been instilled in the course before the problem of financial collapse (James, 2009) Although some of the current dilemmas may have stemmed from an underemphasis on CSR and business ethic, Willmott (cited in James, 2009) argues “The financial crisis was not solely due to our graduates from 15 to 20 years ago”. Moreover, Warnes (2012) points out on the structure of business education in many schools, which tend to compress and change their programmes to be flexible in order to cope with this severe economic situation. Regarding the growth
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