Adam Smith Principles Of Management Essay

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Recommended: Industrial revolution changes in technology

Andrea Samayoa
Dr. Porter
Principles of Management
February 21, 2014
Management History and Trends
The Industrial Revolution was a major turning point in history promoting a different way of life worldwide. There was an increase in productivity and efficiency. Adam Smith’s Wealth of Nations influenced the Industrial Revolution in which he discusses topics of division of labor, productivity, and the free market. Through this values portrayed in his book, many counties started to benefit from production and trade. These worldwide transactions occurring after the influence of the Wealth of Nations grew up to be an economic expansion. Thanks to the Industrial Revolution and the Wealth of Nations many markets, industries, and organizations now have a method of managing their products and employees. Following the economic ideals, management is now getting work done through others with efficiency. Thus, the contributions in history given by Adam Smith, Eli Whitney, Mary Parker Folley, and Johannes Gutenberg have influenced management today.
In the old views of economics, people were not interested in trading because they thought that through exchange they wouldn’t gain anything more valuable in return. Countries would then control this trading through taxes and protection. Smith then, showed why this method was irrational. “He argued that in a free exchange, both sides became better off” (Deeson). Free trade meant that both parties would benefit and thus, increase economic expansion in both ways. Through his morals and values he stated “A nation’s wealth is not the quantity of gold and silver in its vaults, but the total of its production and commerce” (Deeson). Through production, capitalism, and labor the industrial revolution shifted...

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... way. In a matter of days, I received e-mails from schools stating that they had received my transcripts and were ready to look over them. This trend of management is one of the most popular because of the rapidness and competence with which it is revolutionizing the world.
History has affected every part of our daily lives. In times of needs and desperation, a manager needs to remember the importance of integrative conflict resolution given by Folley. The efficiency of the work force that is active today in almost every organization thanks to Adam Smith’s division of labor, the faster production of goods and services provided by Whitney’s interchangeable parts, and the fast access of information provided through information management. This trend of management has developed a wealthier and more proactive world acknowledging the contributions by these vivid minds.

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