Walter Russel Mead has identified an important trend that will surely lead to the destruction of the formerly vibrant economies of East Asia.
But this latest news from New York Times makes it official: Asia’s decline has begun. Asia’s biggest companies are sending their brightest executives to American style MBA programs.
Fueled by an appetite for growth, corporations in China, India and other markets in Asia are sending an army of managers and executives to Western business schools to groom future leaders. U.S. and European business schools, meanwhile, are cashing in on the growing roster of clients from cash-rich companies and strengthening ties with the markets and people driving the world economy.
The rise of business schools in America led to greedy CEOs milking their companies for multimillion dollar benefit packages, to weird financial market transactions that took down some of the biggest names in American business, and to one destructive management fad after another that left dozens of American companies as hollowed out shells. Business school grads also pioneered exotic new tax dodges that helped bulk up the federal deficit, to say nothing of the kind of corporate ruthlessness that hollowed out the US industrial base in record time.
They are doomed. To make sure though, Mead has one more suggestion.
The next step? We need to sell them on the need to build law schools. Lots of them.
That would be going too far. I wouldn’t wish a plague of lawyers on our worst enemies.