ABSTRACT
The ‘knowledge economy’ is a term for an emerging global system driven by falling transaction costs delivered by information and communication technologies (ICTs). It requires working practices involving close collaboration across increasing distances, both physical and cultural. Different nations and regions are becoming increasingly linked, within networked and globalized organizations and alliances. As a consequence, management education is seeking a corresponding realignment. A concern with the accurate transmission of known information within a stable environment is being succeeded by a focus on critical exploration and the generation of new and relevant knowledge for the use of individuals, groups, businesses and not-for-profit organizations operating in a dynamic environment with uncertain boundaries. Just as business is discovering new forms of collaboration, exploring new communities, inventing new forms of enterprise, seeking resources, finding information and learning through interacting electronically on a huge scale, so business education must anticipate the consequent demands on graduates.
