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This paper illustrates changes taking place in the context, economy and environment in which business schools currently operate. These changes point out the continuous need to devise new business school models to survive and prosper. Further, the author elaborates a contextual perspective obtained from the current best practices of business schools to spring forth new strategies in a changing world. After decades of unprecedented growth, business schools are facing an outlook that is suddenly looking much less sunny. Increasing pressure to globalize, declining enrollments, criticism from corporate America, and changes in both business and society are forcing business schools to face the fact that they must adapt or die.
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