Volume : 4
Issue : 3
Online ISSN : 2394-2770
Print ISSN : 2394-2762
Article First Page : 123
Article End Page : 127
Where Capitalism goes management education follows. Management concepts, theories and practices emerged to meet the needs of capitalist praxis. Management as a branch of knowledge evolved as the result of interaction between economics and engineering. Managers do things rightly, while business leaders do the right things. Decision sciences and psychology extend support to the growth of business management studies as decision making became more challenging and capitalist praxis became more complex. World wars were fought and won, cold war emerged and disappeared and unipolar world gave way to multipolar world. Technology played a crucial role in these mega changes. Management education could not keep pace with these vast and rapid changes. Management educators say that there is a crisis in management education.
Economic growth and economic development do not mean the same thing. Economic growth is defined as increase in national income and per capita income. Economic development is a broader term. Economic development is defined as a process in which poverty, unemployment and inequalities decline. A country remains underdeveloped mostly because it remains an undermanaged country. Its natural resources and human resources remain undermanaged and underutilized. An underdeveloped country will become a developed country when it is managed well. As development economics emerged as a separate branch of economics, development management should emerge as a special branch of management science. The present paper is a small step in this direction.
Keywords: Management education, development economics, underdeveloped countries, Management for development