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Facing the Winds of Change by Richard E. Sorensen ing the 1980s, when companies laid off massive numbers of staff, we realized we had to devise new ways to accomplish the work that needed to be done. Today's institutions of higher learning also are facing stress- H ful times. In this volatile eco- nomic climate, state funding is down, endowments are falling with the stock mar- ket, and students can't afford higher tuition. At the same time, traditionally profitable enrollments in executive education noncredit courses are shrinking because fewer people can afford to pay for such programs. These are certainly causes for alarm— but they might also be opportunities in disguise, chances to try new ideas and implement new initiatives that otherwise might never be accepted. Earlier this year, in conjunction with its annual Dean's Con- ference, AACSB International held a bonus workshop titled "Responding to the Global Economic Impact on Business Schools." At the workshop, more than 100 people from 20 coun- tries—a third of them from outside the U.S.—discussed ways to address the challenges facing today's business schools. I led the workshop with Gail Naughton, dean of the College of Business Administration at San Diego State University in California. 44 BizEd SEPTEMBER/OCTOBER 2009 An evolving economy brings unprecedented change—and offers unexpected opportunities for radical reinvention. istorically, some of the most profound innovations in science and business have taken place during times of stress. During World War II, we saw more scientific development than we've seen in any other era. Dur-