Business Schools Focus on Perfomance - Essay Example

The above scenario was a major cause for the collapse of major companies in the world, especially financial institution, which had risked so much while practicing securitization. Other major institutions had to sellout cheaply, losing real value of what they were worth (estimated to be about $14.5 trillion in the U.S). Governments of some of the most powerful nations, also had to come to the rescue of some of the major business institutions by dishing out rescue packages that included huge sums of money to bail out the sinking giants (Bartlett and Ghoshal 1998).

Business schools are the major institutions in the world that produce some of the financial gurus this world has to offer, and had to offer back then even before the global financial crisis. The blame can thus be entirely attributed to them for not imparting enough knowledge or rather, teaching irrelevant and impractical lessons to students who hold the future of the economy of the world upon them. Criticism should thus be appreciated by these business schools and an objective to improve should be the target.

Sumantra Ghoshal, a great business academician, since passed on, was one critique of the business schools and optimistically believed that the situation could be reverted or changed to offer improved and practical knowledge that would assist financial professionals be able to solve practical problems. In order to build a foundation that could avoid future financial crisis business schools globally have the responsibility to improve their curriculum to focus on more practical financial scenarios in the world rather than focus on performance.

Role of Business Schools Any critique that could follow without the declaration of the real roles of business schools towards the modern day commercial discourse could be absolutely null and void. Below are some of the roles that Sumatra Ghoshal defined that Business schools have towards the contribution to a better business world. Business schools have the obligation of instilling ethics to its students. Business ethics define the behavior that business parties should exhibit when dealing with matters that concern business.

Ethics are responsible in inhibiting vices such as corruption, theft and general inappropriate characters in many business organizations. The other key role that business schools face is the responsibility to bring out a complete economic with the ability to deal with current business matters. Knowledge would be absolutely useless without the practical knowhow. Management research issues and internships fall in this category as they form the main parts in business schools responsible for practical knowledge.

Business schools have the responsibility to impart to their students the mental capacity to apply knowledge imparted. Education is mostly done in a theoretical method, but such knowledge imparted should be focused on dealing with the real world situations in the contemporary world. Lack of the ability to apply knowledge would prove the hopelessness in business schools, a fact that Ghoshal, a great critique, wouldn’t want to believe was he still alive. Business Schools’ Target on Performance Content rather than Educational Content According to Sumantra Ghoshal,