The Money Chase

COVER STORY

Business school solutions may be part of the U.S. problem

"The '70s and '80s are the decades of management," beams Donald Jacobs, dean of Northwestern University's Graduate School of Management. "At other times, the cream of American youth went into science, became law professors or went into government to reform the system. Now they are going to the grandes écoles of the M.B.A."

"A lot of what is preached at business schools today is absolute rot," says Michael Thomas, a New York financial consultant and former partner in the investment banking firm of Lehman Bros. "It...

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