World’s top 100 business schools: The Economist

Singapore has three of the world's top 100 business schools and so does Hong Kong, according to The Economist.

INSEAD, which has campuses in both France and Singapore, is ranked 23rd. Singapore's Nanyang Technological University's Nanyang Business School is 71st and National University of Singapore's NUS Business School is 89th.

Hong Kong University of Science and Technology's School of Business and Management is ranked 30th, University of Hong Kong's Faculty of Business and Economics is 38th and Chinese University of Hong Kong is 78th.

Australia has four business schools in the top 100: University of Melbourne's Melbourne Business School (17th), Macquarie Graduate School of Management (55th) Monash University (59th) and Curtin University Graduate School of Business (93rd).

The Indian Institute of Management (Ahmedabad) is ranked 99th.

The Economist rankings are possibly more useful than the Times Higher Education-QS university rankings for two reasons:

  • The THE-QS university rankings boost the rankings of some universities such as the National University of Singapore and Nanyang Technological University by including  categories like "international student score" and "international faculty score" in which they get 100 out of 100 and which have nothing to do with academics. In fact, they do worse than lower ranked universities in their "citations score" for quality of research, as I mentioned in an earlier post.
  • The Economist rankings, on the other hand, are based on criteria directly related to education and job prospects. The business schools are evaluated on four counts:
  1. Open new career opportunities
  2. Personal development and work experience
  3. Increase salary
  4. Potential to network

The Indian Institute of Management (Ahmedabad), for example, is ranked fourth in opening new career opportunities. Monash University is ranked first in personal development and work experience. Two Hong Kong business schools are also ranked in the top 10 in that category: Hong Kong University of Science and Technology's School of Business and Management is third and University of Hong Kong's Faculty of Business and Economics eighth.

Here are the top 100 business schools as ranked by The Economist:

1 IESE Business School – University of Navarra Spain

2 IMD – International Institute for Management Development Switzerland

3 California at Berkeley, University of – Haas School of Business United States

4 Chicago, University of – Booth School of Business United States

5 Harvard Business School United States

6 Dartmouth College – Tuck School of Business United States

7 Stanford Graduate School of Business United States

8 London Business School Britain

9 Pennsylvania, University of – Wharton School United States

10 Vlerick Leuven Gent Management School Belgium

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China not following Singapore model: Bill Emmott

Singapore’s Minister Mentor Lee Kuan Yew says China is learning from Singapore. “When you see Shanghai greening up like Singapore, you know they have studied us,” he told the National University of Singapore Society yesterday.

But former Economist editor Bill Emmott takes a different view. Little Singapore cannot be a model for a vast country like China, he says in his book, Rivals: How The Power Struggle Between China, India and Japan Will Shape Our Next Decade, published last year.

Discussing how the Chinese Communist Party could introduce “some form of democracy” and still retain power, he turns to Singapore.

Singapore’s ruling “People’s Action Party has won all the elections held since 1959 by a landslide”, he says, just as the Communists have ruled China since 1949 – but there are  differences, he adds:

But a city state of just 4.4 million people can hardly be a model for a China of 1.3 billion people, and Lee Kuan Yew, the founding father both of Singapore and the PAP, also does not fit the Communist Party’s current pattern: he has founded a political dynasty, with his son now as prime minister, which the Chinese party has shown no signs of doing.

The better model is probably to China’s northeast, in the land of its traditional enemy, Japan…

After a few hiccups in the early 1950s, Japan was a one-party state from 1953 until 1993, when the Liberal Democratic Party briefly lost power.

A decade and a half later, despite wrenching economic times, the LDP is still in power. It is quite impressive, really.

Time, Newsweek and Economist earnings

Newsweek wants to stop chasing the news and lose circulation, according to the New York Times. It wants to deliver more opinion pieces to a smaller readership. In other words, Newsweek wants to be more like the Economist, the healthiest of the three international newsweeklies.

The Economist has the fewest subscribers and possibly the lowest advertising rates. A one-time run-of the-book full-page colour ad costs $39, 950 in its Asia Pacific edition. A similar ad costs $57,585 in Newsweek’s Asian edition and  $77,200 in Time’s Asian edition. (All prices quoted from the companies’ rate cards.) 

The Economist sells nearly 134,000 copies a week in Asia Pacific and close to 1.4 million throughout the world. Newsweek sells just over three million copies including 200,000 in Asia and 2.6 million in the US. It plans to reduce circulation to 1.5 million by January next year. Time sells over four million copies including 3.25 million in the US and nearly 280,000 in  Asia. But only the Economist Group is making a profit. Here are the latest financial reports by the owners of Newsweek, Time and the Economist.

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The Economist exporting British English


The Economist sells nearly four times as many copies in North America as it does in the UK. But it continues to be leery of what it calls “Americanisms”. Much as I like reading the Economist, isn’t it somewhat old-fashioned to insist:

“Avoid affirmative action, rookies, end runs, stand-offs, point men, ball games and almost all other American sporting terms”?

The Economist style guide is a stickler for British English and so it says:

“Put adverbs where you would put them in normal speech, which is usually after the verb (not before it, which usually is where Americans put them). Choose tenses according to British usage, too. In particular, do not fight shy—as Americans often do—of the perfect tense, especially where no date or time is given. Thus Mr Bush has woken up to the danger is preferable to Mr Bush woke up to the danger, unless you can add last week or when he heard the explosion.”

But how about this?

“Try not to verb nouns or to adjective them. So do not access files, haemorrhage red ink (haemorrhage is a noun), let one event impact another, author books (still less co-author them), critique style sheets, host parties, pressure colleagues (press will do), progress reports, trial programmes or loan money. Gunned down means shot. And though it is sometimes necessary to use nouns as adjectives, there is no need to call an attempted coup a coup attempt or the Californian legislature the California legislature.

The Economist's circulation

The graphic here is from the Economist media kit, which shows the magazine sold nearly 1.4 million copies a week between June and December last year. More than half the sales were in North America (nearly 787,000 copies a week), and just over 13 percent in the UK (about 187,000). Even Continental Europe bought more copies (nearly 240,000). About 134,000 copies were sold every week in Asia Pacific, with five-figure sales in:

  • Australia (20.897)
  • India (19,491)
  • Hong Kong (18,411)
  • Singapore (16,965).

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Grin and bear it — for a long time

In the current recession, here's a sunny classic that's depression-proof: Dean Martin singing King of the Road, written by Roger Miller and a hit for him in 1965. One needs such tonics with the US headed into its worst recession since 1982, according to the Financial Times, and sagging Asian economies not very likely to get any lift from China.The Economist says:

According to the Asian Development Bank, 60 percent of Asia’s exports (not including Japan’s) still go to America, the European Union and Japan. A decline of one percentage point in America’s growth rate, the bank calculates, knocks 0.3 percentage points off Asia’s. That may be optimistic.

This could be the Big Bear, which prowls into the market maybe once in a generation and hangs around for a long time, says the Economist's Buttonwood column:

It is beginning to look as if we are in the middle of another of those great phases, what commentators call a secular, as opposed to a cyclical, bear market. Broadly speaking, the 20th century can be divided into six phases; bear markets from 1901-21, 1929-49 and 1965-82 and bull runs from 1921-29, 1949-65 and 1982-2000.

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