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Chandler argues that in the nineteenth century, Adam Smith's invisible hand was supplanted by the "visible hand" of middle management, which became "the most powerful institution in the American economy". [1] The Visible Hand was awarded the 1978 Pulitzer Prize for History and the Bancroft Prize of Columbia University. [2]
Ménagerie is the French translation of Xenophon's famous book Oeconomicus [6] (Ancient Greek: Οἰκονομικός) on household matters and husbandry. The French word mesnagement (or ménagement) influenced the semantic development of the English word management in the 17th and 18th centuries. [7]
Henri Fayol (29 July 1841 – 19 November 1925) was a French mining engineer, mining executive, author and director of mines who developed a general theory of business administration that is often called Fayolism. [2]
In 1993, Deming published his final book, The New Economics for Industry, Government, Education, which included the System of Profound Knowledge and the 14 Points for Management. It also contained educational concepts involving group-based teaching without grades, as well as management without individual merit or performance reviews.
Peter Ferdinand Drucker (/ ˈ d r ʌ k ər /; German:; November 19, 1909 – November 11, 2005) was an Austrian American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of modern management theory.
Business history is a historiographical field which examines the history of firms, business methods, government regulation and the effects of business on society. It also includes biographies of individual firms, executives, and entrepreneurs.
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These include Notes on Belting (1894), A Piece-Rate System (1895), Shop Management (1903), Art of Cutting Metals (1906), and The Principles of Scientific Management (1911). Taylor was president of the ASME from 1906 to 1907. While president, he tried to implement his system into the management of the ASME but met with much resistance.