There is no doubt much of the contemporary management theory and practice has been borneout of western economies. The foundations of which can be traced back to the neo-classicalapproach whose emphasis was on how to improve employee productivity whilst maximisingorganisational efficiency. The human resources approach led to an emphasis on the ‘humanbehavior’ for achieving organisational goals and functions and in so doing made managementpractices more humane. The Quantitative approach was significant in contributing to theplanning and control decisions in management decision making (13). Western economies arefacing new challenges to remain competitive in the market place following the global economiccrisis which originated from the United States because of the sub-prime mortgage lending,financial deregulation, inadequate supervision of banks, poor risk assessment, complexpackaged financial instruments and inadequate transparency across markets (20).In today’s rapidly changing, super competitive, strategically challenging, complex market, globaleconomic landscape and business environment, the decisive element is the individual (theemployee) in determining success of an organisation. Senior management can no longer bedetached from their employees (4). In that respect the two most important contemporarymanagement approaches are: ‘Total Quality Management’ (TQM) and the "LearningOrganisation" (17). In such a competitive environment, there is wider recognition of theimportance in adopting a ‘Learning Organisation’, defined as one that has skills in acquiring,creating, developing and transferring knowledge as well as modifying its behavior to show thatlearning has taken place and resulting in new knowledge and innovative practices(12).Easterby-Smith describes it as an ‘ideal action - and change-oriented’ enterprise thatmaximises learning (10). The learning organisation is seen by Anderson (1) from a strategicpoint of view, as significantly important in very competitive situations because it builds thecapacity to change direction, strategies fostering creativity, and new ways of doing things.Bartlett and Ghoshal (1995) captured these sentiments in a statement to a Harvard BusinessReview article: “In the emerging information age, the critical scarce resource is knowledge andnot capital and the most basic task of corporate leaders is to unleash the human spirit, whichmakes initiative, creativity and entrepreneurship possible" (4).The Total Quality Management (TQM) is an approach that emphasis the management of thewhole organisation in order to deliver quality goods and services to all its customers (12). W.Edwards Deming is probably the best-known advocate of this school of thought. Thisphilosophy to management was implemented in Japan after the Second World War and was amajor contributor in their economic recovery and success. Problems in product quality areprevented before they occur by involving the employee in the whole process. TQM focuses onthe customer and the organisation must attempt to determine it’s customers needs and wantsand deliver products and services that meets their requirements (12). A benchmarking processis utilised by always seeking out other organisations that perform an activity more effectivelyand using them as a benchmark, to judge and guide own performance. The organisation willalso attempt to adapt or improve the processes used by other companies and utilise aphilosophy of continuous improvement.The current state of the contemporary management theories is not sustainable. Too muchemphasis placed on the ‘value-maximising individual’ is increasingly recognised asunacceptable. The Agency Theory is in doubt. The employees work in the best interests of shareholders and other stakeholders as epitomised by the ‘bonus culture’ where financialdecisions are based on rewards for short term gains without concern for the consequences towider economy (20). In order to understand human behaviour, greed, opportunism and self centred interests have to be recognised in the theories as is the relationship between themanager and shareholder/stakeholder. The efficient market hypothesis is inadequate. Thereneeds to be a profound cultural shift in-order to change behaviour not just the current call for changes in MBA oaths, governance issues, social responsibility, and behavioural economics.The Catholic Social teaching argues that work is not only for the individual. Work is for one'sfamily, work is for the whole nation and indeed for the benefit of the entire human family’ .