Purpose: The purpose of this paper is to examine the contours of the emerging business education and institutions in a multi-polar world and to identify the causes of the strategic convergence of management education, to explore the limitations of the dominant models of management education and to propose a range of strategic alternatives for business schools operating in the diversity of a multi-polar world. Design/methodology/approach: The paper provides a critical review of the development of Anglo-American modes of business education, and an evaluation of alternative strategic approaches to business school development that might engage with different contexts of business. Findings: There is a tension between the continuing ascendancy of dominant Anglo-American paradigms of management education, and the increasing recognition of the diversity of a multi-polar world. This tension may be resolved by business schools following more distinctive strategies that are responsive to local contexts. Research limitations/implications: The research suggests business schools work towards greater recognition of culturally diverse business models, and develop tools of analysis appropriate to this context. Further research is necessary of the efforts to develop different approaches to business education, and of the strengths and limitations of these approaches. Practical implications: The analysis offers a rationale for exploring different strategies for business schools, and proposes some different models to examine. Originality/value: This paper provides a critical assessment of the development and convergence of international business schools and business education, and an outline of alternative possibilities. (Contains 1 table.)