It`s fashionable to refer to the state of business and the financial economy as being in crisis. The metaphor of crisis triggers the cues for emergent action. But few people (can and do) take action to slow down, reflect and initiate thoughts for iterative transformation. A partnership between the University of St Gallen Contextual Studies program, the Copenhagen Business School`s Department of Management, Politics, and Philosophy, and the Haniel Foundation Germany took the lead and did so with management education. In 2011, the European consortium of management schools embarked for a European debate on what the Carnegie Foundation Study on Rethinking Management Education initiated in the US.