In the past few decades the words used as synonyms for leadership were confidence, strategic planning, and a focused mindset. The business schools claim to produce managers and leaders with the above mentioned qualities that are required to manage and run the present day corporations. There is a lot of emerging criticism that the business schools have changed the art of management in to science. Management is considered to be an art rather than science. When management art is mixed with craft

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... experience, it becomes a practice. Inexperienced students cannot appreciate the practice of management, so they focus on the science, or analysis, that is the basis of most MBA programs. Management is treated like a profession that can be learned without experience and then applied in every situation. Management on the other hand is actually a facilitating activity that depends on the immediate context.But today's fast, every increasingly complex and globalized world requires different kind of leadership which is socially, ethically, economically and environmentally sensitive. This review discusses the recent literature and presents a synthesis of various view points on this topic. Shoshanna Zuboff (2009) , one of the first tenure track professor at Harvard Business school who spent quarter-century as a professor at HBS, including 15 years teaching in the MBA program states, "I have come to believe that much of what my colleagues and I taught has caused real suffering, suppressed wealth creation, destabilized the world economy, and accelerated the demise of the 20th century capitalism in which the U.S. played the leading role. We weren't stupid and we weren't evil. Nevertheless we managed to produce a generation of managers and business professionals that is deeply mistrusted and despised by a majority of people in our society and around the world. This is a terrible failure(Zuboff2009)". She continues to state that this failure has contributed to the decline of American business. Margins have shrunk and return on sales for the Fortune 500 has been declining. Most companies opted for cost reduction strategies to find new ways. The Harvard Business School and other business schools, came up with new concepts and jargons: outsourcing, off-shoring, downsizing, reengineering, and finding new overseas markets for old products.The obsession to the shareholder value maximization concept led the firm to another area "financialisation". Since the 1980s, manufacturing firms have made more of their revenue and profits from finance than from selling their products(Zuboff 2009). The business school managers have to rethink the MBA programs to prepare future managers which can run complex global organizations in a rapidly changing world. According to Srikant (2010) "business schools need to take a broader view of their graduates' responsibilities to multiple stakeholders, and to provide their students with a deeper understanding of such phenomena as globalization, leadership, and innovation, as well as the ability to think critically, decide wisely, communicate clearly, and implement effectively".