The rise of the business school is one of the most potent symbols of the triumph of global capitalism. The US alone boasts more than 400 accredited business schools churning out close to 100,000 MBAs annually. Europe now has some 80 accredited schools of its own. The new frontier is Asia, where 30,000 students sit MBA admissions exams each year and western schools are scrambling to partner with institutions in China and India.
Given this, the sudden decline in US applications over the past two years is all the more striking. In part it reflects the globalisation of business education itself: foreign students no longer need to go to the US to get an MBA, while US students increasingly seek to add international exposure by studying overseas. Foreign demand for US MBAs has also been hit by tough and unfriendly immigration controls.
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