26. Economic history—The Managerial Revolution in American Business
According to Alfred Chandler, the industrial revolution did not change the fundamental nature of business. Rather, the changes in transportation and logistics fundamentally changed the nature of production, distribution, finance, accounting, and management requiring a Visible Hand. Discuss this idea. Your answer should describe how the early industrial revolution changed operations and how the railroads caused further changes. Do not focus excessively on specific changes in transportion, focus on its impacts on business and society. Include a discussion of how and why business changed (eg production, labor force, distribution, finance, accounting, management) from the model seen in earlier eras. Please only use reference from Alfred Chandler’s book: The Visible Hand.