The visible hand : the managerial revolution in American business

The role of large-scale business enterprise ― big business and its managers ― during the formative years of modern capitalism (from the 1850s until the 1920s) is delineated in this path marking book. Alfred Chandler, Jr., the distinguished business historian, sets forth the reasons for the dominance of big business in American transportation, communications, and the central sectors of production and distribution.The managerial revolution, presented here with force and conviction, is the story of how the visible hand of management replaced what Adam Smith called the ‘invisible hand’ of market forces. Chandler shows that the fundamental shift toward managers running large enterprises exerted a far greater influence in determining size and concentration in American industry than other factors so often cited as critical: the quality of entrepreneurship, the availability of capital, or public policy. The Role Of Large-scale Business Enterprise-big Business And Its Managers- During The Formative Years Of Modern Capitalism (from The 1850s Until The 1920s) Is Delineated For The First Time In This Pathmarking Book. Alfred D. Chandler, Jr. The Distinguished Historian Of Business, Sets Forth The Reasons For The Dominance Of Big Business In American Transportation, Communication And The Central Sectors Of Production And Distribution. Traditional Enterprise In Commerce -- Traditional Enterprise In Production -- Railroads: The First Modern Business Enterprises, 1850s-1860s -- Railroad Cooperation And Competition, 1870s-1880s -- System-building, 1880s-1900s -- Completing The Infrastructure -- Mass Distribution -- Mass Production -- Coming Of The Modern Industrial Corporation -- Integration By The Way Of Merger -- Integration Completed -- Middle Management: Function And Structure -- Top Management: Function And Structure -- Maturing Of Modern Business Enterprise. Alfred D. Chandler, Jr. Includes Index. Bibliography: P. 515-585. Bancroft Prize Pulitzer Prize For History Thomas Newcomen Book Award In Business History The role of large-scale business enterprise―big business and its managers―during the formative years of modern capitalism (from the 1850s until the 1920s) is delineated in this pathmarking book. Alfred Chandler, Jr., the distinguished business historian, sets forth the reasons for the dominance of big business in American transportation, communications, and the central sectors of production and distribution. The managerial revolution, presented here with force and conviction, is the story of how the visible hand of management replaced what Adam Smith called the ‘invisible hand’ of market forces. Chandler shows that the fundamental shift toward managers running large enterprises exerted a far greater influence in determining size and concentration in American industry than other factors so often cited as critical: the quality of entrepreneurship, the availability of capital, or public policy.