Abstract
Higher education has become the basic education of the knowledge economy. Yet in transitioning, emerging and developing countries, resources for higher education, and indeed higher educational systems themselves, remain inadequate. Urgent action is needed to expand and diversify the supply of educational avenues to meet the fast rising demand. This review paper, based on the ongoing research of the authors, defines business education as the collection of skills and abilities given by the business disciplines and enabling the development of an entrepreneurial society. We contend that the institutionalisation of world-class management programmes to produce a continuous and self-renewing stream of intellectual capital and its retention in the emerging economies of the world is possibly the most significant challenge faced by business and management education in the coming generation.
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