It is the thesis of this paper that the time has come for business schools to rethink the purpose of their establishment. They need to reflect upon the professional foundations of management education through rethinking a new philosophy of knowledge which is suitable for professional education and through reviving it at a higher status than vocational training. The future of management education, we believe, depends upon a rethinking of the theory of knowledge that guides the increasing interests in managerial learning and training.
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