Current edition. Audio edition. Economist Films. The Economist apps. More up icon. The woes of Netflix Looks bleak From game-changer to game over?
Reuse this content About The Economist. Democrats are torn: the president may have abused his office, but be unimpeachable. Global warming Much talk, and a little action, at the UN climate summit. Charlemagne The threat to the southern European olive. Booth did less well on some other measures, notably its alumni network. Alumni opinion is another key ingredient, representing nearly a quarter of the final results. Along with The Financial Times, The Economist is the only other major ranking organization that purports to measure the quality of full-time MBA programs all over the world.
This year, North America and Europe accounts for all the schools in the top The highest-placed school from outside those regions is the University of Queensland, at 27th. The highest placed Asian school is the University of Hong Kong, which ranks 41st.
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The biggest loser? The Economist does not explain why schools go up or down in any given year and also does not publish the underlying index numbers to allow users to see how close one school is versus another. Over the 11 years that The Economist has published its rankings, Harvard, Stanford and Wharton—widely regarded as the top three business schools in the world—have never been ranked first by the magazine.
In fact, Harvard has been rated as low as 13 th by The Economist, Stanford as low as eighth, and Wharton as low as 21 st. Indeed, many of the best U. The No. Immediately, there was some controversy over the data The Economist used to rank business schools. This rank is then part of the rank for Professional Development and Educational Experience and ultimately the overall rank. He established Cofece and charged it with promoting competition in Mexico.
His energy reforms have attracted foreign investment into the oil sector for the first time since the s; they compete with each other for contracts through a public, transparent procurement process. Reforms to the telecoms sector in brought new players into the Mexican market and sent prices plummeting.
Capitalism is becoming less competitive
After his landslide election victory, Cofece publicly proposed a joint plan to weed out corruption in the public procurement process. There is growing suspicion in Britain that capitalism is not working as it should. They have a point. The biggest firms across a range of industries in Britain have more market power than they used to.
That clout may allow them to charge higher prices for poor service, and pay lower wages. Other calculations find much the same results. A recent paper looks at the pricing power of a sample of British firms. The researchers examine mark-ups ie, selling prices divided by production costs. Since the s the average mark-up in Britain has risen by more than in Europe or North America. What explains the increasing concentration seen in Britain? Mergers may be one explanation.
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It is less clear how concentration affects workers. Evidence from America suggests that as firms become more powerful they can get away with offering lower wages, since workers have fewer alternative employers. Across Britain as a whole, the biggest firms actually employ a lower share of employees than in the early s. In parts of the country, however, workers do appear to have fewer options than before. Whatever the explanation, wages as a share of GDP have fallen during the same period.
Establishment types are finally starting to grapple with this issue. Liz Truss, a Conservative minister, frets about things like occupational regulation.
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Andy Haldane of the Bank of England recently gave a speech in which he worried about market power. But the debate is far less advanced than it is in America. Serious solutions could be a long way off. It has certainly been worse.
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During these years, a wave of collapses and mergers also consolidated economic power. He made a start by killing Yasuda Zenjiro, the founder of one of the great business empires, or zaibatsu, that dominated the prewar economy. The old family conglomerates evolved into keiretsu , looser, less familial groupings, revolving around a main bank and trading company, each member holding shares in the others. Others believe the arrangements were ultimately counterproductive. Outside of these backwaters, competition was ferocious.
In many cases, the prevalence of business groups like the keiretsu only added to the competitive pressure. Each empire felt obliged to enter all of the prestigious industries, rather than concentrate on what it did best. They plunged headlong into expansions of capacity, whatever the cost, and kept even loss-making firms alive. The results were bad for returns on assets, but good for consumers. In recent decades, Japan has become less distinctive.
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This is partly because its markets have become more open and its companies a little more attentive to shareholders. It is also because the rest of the world has become a little more Japanese: dominated by cash-rich companies in more concentrated industries.