Management in the Technology Age

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Management has progressed far since the days of traditional bookkeeping attributed by the Ancient Sumerians. However, there were two great comings that would change the scope of management forever. The first was contributed by one of the most prominent minds in history, Adam Smith, known as the father of economics and capitalism. The second would come from a great wave that would sweep over the shores of Europe and the rest of the western world, The Industrial Revolution. With the introduction of The Wealth of Nations, the Industrial Revolution and countless other contributions, our ideas of management were reformed and still improving. Adam Smith, a Scottish economist, early pioneer in management theory, and philosopher during the 18th century, was the leading figure in revolutionizing what today we call economics, as well as moral philosophy. In 1776, Adam Smith published his magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations. Smith argued the benefit of free exchange, deregulation of government in a market economy, and reinvesting capital towards the means of productions. However, Smith didn’t end there, he postulated a God guided presence inherent in the system, he called “The Invisible Hand.” Smith understood that market equilibrium, stability, and harmony were guided by the culmination of individuals pursuing their own self-interest. The social system Smith constructed went further than the field of economics and politics, but ranged and touched on many business models in the field of management. It is evident to see how it changed the scope on the sociopolitical front, but often it is neglected the comprehensive business model Smith established. His extensive analysis of specialization, the ... ... middle of paper ... ...than it did rewarding employees for compliance and good conduct. In conclusion, management was greatly rectified with The Wealth of Nations, the Industrial Revolution, and the business model of Max Weber. Management as a whole has roots in many other disciplines such as psychology, philosophy, and communication to name a few. Currently, I believe that management is going through a second revolution with the Technology Age as well as other sociopolitical factors. The improvements of management are still in infancy, and it may be another twenty years or another 200 years before we see another paradigm shift Works Cited McWilliams, Alan, and Chuck Williams. MGMT. South Melbourne, Vic.: Cengage Learning Australia, 2009. Print. Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. Chicago: Encyclopædia Britannica, 1955. Print.

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