March 15, 1827, King's College - the precursor to the University of
Toronto - was granted its royal charter by King George IV. Throughout
2002, U of T celebrated 175 years of Great Minds. As part of the
celebration, the U of T website featured excerpts from The
University of Toronto: A History, written by Martin Friedland, University
Professor and Professor Emeritus of Law at U of T.
business school had been established in 1950 as the Institute of Business
Administration within the graduate school, following the report of yet
another committee chaired by Harold Innis. Sidney Smith seemed to
call on Innis to chair all the significant university committees during
drafted by the vice-chair of the committee, Vincent Bladen, had recommended
that the institute not be part of the department of political economy,
which was then "as large as some universities and...too unwieldy
to carry on the interdepartmental and outside activities envisaged in
was made director, but resigned in 1953 to become chair of political
economy after Innis died. The University of Western Ontario, which had
established a business school in 1949, complained to Premier Frost that
the new Toronto program was a "wasteful duplication." Smith
was summoned to the premier's office and in defence pointed out that
the Toronto program, unlike that at Western, would not use the Harvard
case study method and would appeal to part-time students. Frost apparently
was not particularly successful in attracting full-time master's students.
There were only about 20 full-time students in each of the two years,
Bladen recalled, but there were "several hundred degree candidates
working at night." After Bladen left, however, the institute "gradually
began to curtail the night work." The institute's research record
was weak. Warren Main, who became director in 1960, claimed that "the
amount of research and the amount of writing was abysmally low."
He was one of only two persons in the institute with a doctorate - a
U of T degree, begun under Innis.
"They need a
strong guiding hand," he concluded, "and that soon."
had been keeping an eye on the institute, and in 1958 he wrote to the
incoming president Claude Bissell that it was "falling apart.
are eleven members of the staff," he wrote. "Three have resigned,
a fourth is on the verge, and I gather from what I observe and hear
that the morale of the group is pretty low
.They need a strong
guiding hand," he concluded, "and that soon."
was unable to find an acceptable outside candidate and turned to Warren
Main, who had joined the faculty from the University of Saskatchewan
in 1953. The name was changed to the School of Business. Part-time degrees
were eliminated, and the name of the degree was changed from a master
of commerce to a master of business administration.
Main, seated, succeeded Vincent Bladen as the director of the
Institute of Business Administration in 1960. The photograph,
taken in 1963, also shows Donald Forster of the department of
the School of Business became the faculty of management studies, with
John Crispo, an outspoken professor of industrial relations who had
received his PhD from the Massachusetts Institute of Technology, as
its first dean. The faculty has continued to be noted for its strong
research and the academic quality of its student body.
end of the 1990s, there were around 50 students in its PhD program.
Its finance division has a particularly strong international reputation,
with scholars such as Myron Gordon in corporate finance and John Hull
in financial derivatives.
A $3 million
donation from Sandra and Joseph Rotman - he graduated from the school
with an MCom in 1960 - assisted in providing a new building on St George
Street. A further contribution of $15 million by the Rotmans in 1996,
which was matched by the University, has given the faculty - now named
the Rotman School of Management - a greater ability to hire and keep