Rigorous postgraduate and post-experience business education has a major contribution to make to the creation of wealth. However, the UK's present system of business schools suffers from crucial weaknesses: it is too academic, excessively restricted, remote from business, and buttressed by lifetime security of tenure.
These weaknesses stem from the original flawed conception of business schools as substantially publicly-funded and part of the university 'industry' - which suffers from being organised as a classic cartel. Radical reform is required which should remove postgraduate business education into distinct business schools with the status of independent legal entitites outside the public sector.
IEA Hobart Paper 102