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"The End of Business Schools?": MORE THAN MEETS THE EYE

"The End of Business Schools?": MORE THAN MEETS THE EYE • agency theory, developed by Michael C. Jensen (Harvard University) and William H. Meckling (University of Rochester), who offered “analytic” support favoring market over state regulation, to curb management (agents) when they violated their fiduciary trust to their principals (investors et al.); • transaction cost theory, provided by Oliver Williamson (University of California, Berkeley, and Stanford University) and Alfred Chandler (Harvard), who contended that large monopolies of the twentieth century were, and are, “transaction cost” efficient governance regimes (thus rendering antimonopoly regulations superfluous); and • strategy theory, formulated by Michael Porter (Harvard), who reasserted the identity of rapacious self-interest and the public good. Social Text 79, Vol. 22, No. 2, Summer 2004. Copyright © 2004 by Duke University Press. Importantly, for the subsequent analysis, the number of students that proceeded, after graduation, to take the CPA examination fell from 143,572 in 1990 to less than 130,000 in 2002. Added to these criticisms is a widely cited article by Jeffrey Pfeffer and Christina T. Fong (2002) calling for a “complete re-think” of business education and its institutional approach. Here we examine the elliptical arguments of these two authors, not merely to expose their faulty logic but also to draw http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Social Text Duke University Press

"The End of Business Schools?": MORE THAN MEETS THE EYE

Social Text , Volume 22 (2 79) – Jun 1, 2004

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Publisher
Duke University Press
Copyright
Copyright 2004 by Duke University Press
ISSN
0164-2472
eISSN
1527-1951
DOI
10.1215/01642472-22-2_79-67
Publisher site
See Article on Publisher Site

Abstract

• agency theory, developed by Michael C. Jensen (Harvard University) and William H. Meckling (University of Rochester), who offered “analytic” support favoring market over state regulation, to curb management (agents) when they violated their fiduciary trust to their principals (investors et al.); • transaction cost theory, provided by Oliver Williamson (University of California, Berkeley, and Stanford University) and Alfred Chandler (Harvard), who contended that large monopolies of the twentieth century were, and are, “transaction cost” efficient governance regimes (thus rendering antimonopoly regulations superfluous); and • strategy theory, formulated by Michael Porter (Harvard), who reasserted the identity of rapacious self-interest and the public good. Social Text 79, Vol. 22, No. 2, Summer 2004. Copyright © 2004 by Duke University Press. Importantly, for the subsequent analysis, the number of students that proceeded, after graduation, to take the CPA examination fell from 143,572 in 1990 to less than 130,000 in 2002. Added to these criticisms is a widely cited article by Jeffrey Pfeffer and Christina T. Fong (2002) calling for a “complete re-think” of business education and its institutional approach. Here we examine the elliptical arguments of these two authors, not merely to expose their faulty logic but also to draw

Journal

Social TextDuke University Press

Published: Jun 1, 2004

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