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Before the 1950s, formalized management education was absent in India and businesses were run either through family-based management or a small cadre of foreign-trained managers in the managing agencies that had controlling stakes in leading enterprises. Commerce degrees were offered by various Indian university departments but they were much narrower in scope than management degrees. Elsewhere, formalized management education had begun in North America and Europe, sporadically in the 19th century and more systematically in the early 20th century. The Harvard Business School (HBS), for instance, traces its origin to 1908.
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