Abstract
The chapter explores drivers, dynamics, and developments of business education in American colleges and universities. A contemporary business education in the U.S. is historically rooted in medieval Europe. It has progressed through several developmental stages and four industrial revolutions. Critical drivers affect American universities and colleges, bringing about strategic disruptions, technological and pedagogical innovations, and exerting competitive pressures for change on higher education. They also create opportunities for the development and growth in the post-COVID prospective, which is likely to be different from previous patterns and trends. These factors of impact range from stagnant domestic and falling international student enrollments, high student loan debt burden, and skyrocketing college tuition to the devastating impacts of the COVID pandemic. In examination of implications of the 4IR and emerging socio-economic trends for B-schools, the chapter discusses developmental trends, outlook, and emerging instructional innovations.
TopIntroduction
Business Education in the USA commences by tracing the origins and genesis of American business education as a historical and cultural foundation of its contemporary strategic landscape and dynamics. Based on this retrospective, the discussion examines main emerging technological and socio-economic trends stemming from several developmental stages, including the impending Fourth Industrial Revolution and its impacts on business schools. The chapter looks at the driving forces, trends, and pedagogical concepts in business education, as well as critical factors, strategic imperatives, and instructional innovations in support of the advancement of business education.
The chapter is divided into two main sections. The first of them, Business Education in the USA: Evolution and Revolutions, traces the origins and genesis of American universities and colleges of higher education, explores the industry’s contemporary strategic landscape and dynamics, and examines the impacts of the Fourth Industrial Revolution on B-schools. The second section, Disruptors in Business Education: Strategic Implications, looks at the drivers, dynamics, and instructional approaches in business education. The chapter deliberates some impactful concepts and pedagogies.
American higher education as a socio-economic institution is versed in the nation’s history. The contemporary Western university model stems from medieval Europe where academic curriculum and scholarship at the time have been centered on natural philosophy, logic, medicine, theology, mathematics, astronomy, astrology, law, grammar, rhetoric, to humanism, liberal arts, and other disciplines. The advent of the First Industrial Revolution (1IR) has been marked for universities by shift in beginning to publish their own research journals with the view of expanding scholarly horizons and funding associated with the 1IR. By the 19th century, the German and the French university models had gained prominence, proliferated across Europe, and arrived to the U.S. The Humboldtian university model, based on liberal ideas grounded in academic freedom, scholarly seminars, and laboratories, has gained wide appeal and acceptance across America. Over the past two centuries, the world’s socio-economic landscape has experienced profound changes under the four industrial revolutions amplified by globalization.
Technological and socio-economic changes manifesting themselves in major industrial revolutions, particularly the latest Third Industrial Revolution and Fourth Industrial Revolution, exert strong impacts at the current developmental stage in the U.S. and other leading nations worldwide. These forces accelerate the dynamics of business environment and generate development opportunities. On the other hand, they also bring about the churn of “creative distraction.” On a massive scale, this causes some organizations, whole industries, and economic sectors to vanish from the socio-economic and business landscape or experience shocks under impacts of competitive forces, innovations, and emerging new industries, alternative business models, and formats. In the wake of these unfolding developments, universities and colleges and the whole industry of higher education face new trends, shifting paradigms, and pressures for change and innovation.
Key Terms in this Chapter
VUCA (Volatility, Uncertainty, Complexity, and Ambiguity): A concept originating in the military in the 1980-1990s. It emphases situational conditions associated with volatile, uncertain, complex and ambiguous multilateral world perceived as resulting from the end of the Cold War. It has subsequently become popular in strategic leadership in a wide range of contemporary organizations, including educational institutions.
Experiential Learning: A method of educating through first-hand experience, learning by doing, transformation of experience. Skills, knowledge, and experience are acquired outside of the traditional academic classroom setting, and may include internships, studies abroad, field trips, field research, and service-learning projects.
Alternative Educational Platforms: Relatively recent technologically grounded alternatives to traditional higher education. These dynamic and user-friendly platforms, such as YouTube, LinkedIn Learning, Khan Academy, and others challenge traditional universities and colleges that are heavily reliant on classroom instruction in “brick and mortar” environment.
Flipped Classroom: An instructional methodology involving a blended learning focused on student engagement and active learning, giving the instructor a better opportunity to deal with mixed levels, student difficulties, and differentiated learning preferences during in-class time.
Educational Coaching: Rather than focusing on just the content, educational coaching emphasizing working with students, taking into consideration a student's academic, cognitive, and emotional strengths and challenges. Educational coaching supports students in becoming better learners, performers, team players, and leaders.
Dual System of Vocational Education and Training: The dual system is firmly established in the German education system. Its main characteristic is cooperation between mainly small and medium sized companies, on the one hand, and publicly funded vocational schools, on the other. This cooperation is regulated by law. Trainees in the dual system typically spend part of each week at a vocational school and the other part at a company, or they may spend longer periods at each place before alternating. Dual training usually lasts two to three-and-a-half years.
Project-Based Learning (PBL): An instructional methodology that encourages students to learn and apply knowledge and skills through an engaging experience in project development or problem solving. PBL presents opportunities for deeper learning in-context and for the development of important skills tied to college and career readiness. Effective PBL is inter-disciplinary, rigorous, and student-centered.
Creative Distraction: The dismantling or demise of long-standing established practices in order to make way for innovative products, services, technologies, or business models in a competitive business environment. The term coined by Austrian economist Joseph Schumpeter in 1942.