Word: overhauled
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Dates: during 1990-1999
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Business leaders and conservative politicians contend overhaul is overdue in a system that has made labor too costly and laborers too lazy. German Chancellor Helmut Kohl sharply criticized his countrymen for undermining the work ethic that forged the postwar economic miracle. "We cannot organize our country like one big recreation park," he said. Although Europeans still treasure their blanket of social protection, "they now see its tendency to crush the economy," says French economics professor Jacques Bichot...
Bill K. Laidlaw, executive vice president of the American Assembly of Collegiate Schools of Business, called the proposed overhaul "very significant." But he suggested that the plan might have been developed at least partly to keep up with changes at other business schools...
According to the plan, the purpose of the overhaul is to focus instruction at the Business School on "developing business leaders" rather than simply training general managers...
...overhaul of the grading system, so thatperformance would be graded as either"Satisfactory" or "Needs More Work." Satisfactoryperformance would be further divided intoquintiles, with the best students earning specialhonors...
McArthur said he supports the plan, though hesaid it is simply a suggested "map" for change,open to significant revision by the school'sfaculty. He said the MBA overhaul seeks to alignthe school's curriculum with the demands of aconstantly changing corporate world...