[michaelochurch]

I'm confused that why would someone spend several thousands of dollars just for networking?

For one, for the people who can pass the socioeconomic component of MBA school admissions, the costs are a rounding error. For the middle-class students who get in on merit, the connections are worth it.

Two factors amplify the strength of connections. One is nostalgia. There's a reason why college connections run deeper than grad-school connections, which run deeper than work connections. People tend to want to be around those who were with them back in the "good old days". The second is what I call "soft extortion", but that term might be too cynical since it's always implied. If you went drinking with someone on a regular basis and tried to run game on the same women, you both know things about the other that create a bond of "necessary trust". If you ever tried to pull something out on the other guy (i.e. hard extortion) in order to get a favor, you'd lose his trust and friendship. However, the fact that this capability theoretically exists tends to create bonds, due to peoples' aversion to cognitive dissonance. ("I trusted him enough to get piss-drunk with him back in school, so I should trust him on a $500-million deal.") Soft extortion is an extremely powerful force; it's why fraternities use humiliating initiation rites.