ABSTRACT

Education for business management is a major activity of institutions of higher education in the United States beginning with the founding of the present Wharton School of Business, University of Pennsylvania, in 1890. Early business and management education in the United States was originally focused on the functional areas of business - accounting, finance, marketing, and management combined with a study of economics and often commercial law. The Finnish welfare state mix of market economy and extensive governmental social intervention is a contemporary experiment. Honesty and trust are two minimum norms essential for the operation of a free society as well as a free market system. Concepts related to business and capitalism need clarification especially in Eastern Bloc countries. Management as a profession is relatively new concept in Scandinavia and the Nordic countries as well as in Western and certainly East and Central Europe.