In the 21st century is the progressive shift of economic power and the global financial crisis has vastly accelerated the trend from North to South and from West to East.
These nations already have made remarkable gains. The Economist estimates that developing countries and emerging markets, which until 1999 accounted for barely more than 30 percent of world imports, now surpass developed countries in this category.
Most business schools remain that their not ready for this tectonic shift. Few of our classrooms adequately reflect the growing economic clout of emerging markets. Sure, in many U.S. and European schools, Chinese and Indian students are well represented—but they are heavily outnumbered by their Western counterparts. And few Western classrooms are acclimated for the participation of students from other dynamic markets such as Ghana, Turkey, Vietnam, and Colombia. But Western schools aren’t the only ones needing to adapt. While there are outstanding business schools in Mexico, Brazil, India, and China , most have failed to attract students from around the world.
As more students from emerging economies enroll in business courses, schools will have to respond with three key strategies :
More alliances. Collaboration among schools is the best way to ensure students from developed and emerging nations are exposed to each others’ economies. For example, the Global Network for Advanced Management the Global Business School Network creates networking and capacity-building opportunities for member schools in Western and developing nations.
Shorter and more part-time programs. The two-year full-time MBA model is instantly losing appeal. So many students in emerging markets prefer part-time or one-year programs because taking prolonged time off from work carries a high opportunity cost. But all business schools must take a quantum leap in program design if they want to bring together part-time students from multiple markets. Affordable solutions almost certainly will involve a necessarily greater use of technology.
Redesigned course content. By 2020, Chinese financial markets
are projected to be larger than America’s, yet a Western perspective
still dominates our finance courses. In many emerging markets, families control most firms and the largest industrial conglomerates.
To remain relevant, our programs must imbue in participants a keen awareness of the social, political, and cultural context of business; how that context varies across a more diverse set of major markets; and how to manage resulting challenges.
In the 21st century is the progressive shift of economic power and the global financial crisis has vastly accelerated the trend from North to South and from West to East. These nations already have made remarkable gains. The Economist estimates that developing countries and emerging markets, which until 1999 accounted for barely more than 30 percent of world imports, now surpass developed countries in this category. Most business schools remain that their not ready for this tectonic shift. Few of our classrooms adequately reflect the growing economic clout of emerging markets. Sure, in many U.S. and European schools, Chinese and Indian students are well represented—but they are heavily outnumbered by their Western counterparts. And few Western classrooms are acclimated for the participation of students from other dynamic markets such as Ghana, Turkey, Vietnam, and Colombia. But Western schools aren’t the only ones needing to adapt. While there are outstanding business schools in Mexico, Brazil, India, and China , most have failed to attract students from around the world. As more students from emerging economies enroll in business courses, schools will have to respond with three key strategies : More alliances. Collaboration among schools is the best way to ensure students from developed and emerging nations are exposed to each others’ economies. For example, the Global Network for Advanced Management the Global Business School Network creates networking and capacity-building opportunities for member schools in Western and developing nations. Shorter and more part-time programs. The two-year full-time MBA model is instantly losing appeal. So many students in emerging markets prefer part-time or one-year programs because taking prolonged time off from work carries a high opportunity cost. But all business schools must take a quantum leap in program design if they want to bring together part-time students from multiple markets. Affordable solutions almost certainly will involve a necessarily greater use of technology.
Redesigned course content. By 2020, Chinese financial markets
are projected to be larger than America’s, yet a Western perspective
still dominates our finance courses. In many emerging markets, families control most firms and the largest industrial conglomerates.
To remain relevant, our programs must imbue in participants a keen awareness of the social, political, and cultural context of business; how that context varies across a more diverse set of major markets; and how to manage resulting challenges.
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