Management practice could be enhanced--and the odds of another systematic business failure could be reduced--if it were taught and treated as a true professional discipline, like medicine or law. As other professions, management can be seen as the diligent application of specialized knowledge for the resolution of complex problems of great social consequence--namely, the organization of people and resources for the production of goods and services that bring about societal prosperity. The idea is not new--it may be as old as business schools--but it has so far fallen by the wayside.
Whatever its final form, a professional code for managers must recognize the multiple forms of value created by an enterprise: not only financial returns to investors, but also professional development for employees, value for clients and suppliers, new technologies, efficient use of limited natural resources, etc
It must recognize the inherent obligation of managers to balance the interests of various constituencies in ways that create value simultaneously rather than exclusively.
Just like any other professional code, managers need to affirm their commitment to the greater good and to not let personal interest get in the way when serving their enterprise and society at large.
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