Graeber's essay "Of Flying Cars and the Declining Rate of Profit" describes the "tyranny of managerialism":

"The growth of administrative work has directly resulted from introducing corporate management techniques. Invariably, these are justified as ways of increasing efficiency and introducing competition at every level. What they end up meaning in practice is that everyone winds up spending most of their time trying to sell things: grant proposals; book proposals; assessments of students’ jobs and grant applications [...]" (http://thebaffler.com/past/of_flying_cars)

Doesn't answer your question, because it's about deeper institutional forces than the mere existence of business schools. But I found it an interesting read.