2.1 Evolution of Mgmt

2.1 Evolution of Mgmt - Chapter 2: The Management Movement...

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Chapter 2: The Management Movement Section 2.1: The Evolution of Management
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The Industrial Revolution Began in the United States in 1860 Just before the Civil War Period during which a country develops an industrial economy Before the Industrial Revolution, economy based on agriculture By the late 1800s, economy depended on industries such as oil, steel, railroads, and manufactured goods
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Causes of the Industrial Revolution Many people left their farms to work in factories Professional managers supervised their work Changes in technology, communication, and transportation Telegraph and cable lines extended across the U.S. after the Civil War Railroad lines, canals, roads, steamships
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Captains of Industry Powerful businesspeople who created enormous business empires dominated and shaped the U.S. economy John D. Rockefeller (Oil) James B. Duke (tobacco) Andrew Carnegie (steel) J. P. Morgan (banking) Cornelius Vanderbilt (steamships & railroads)
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Creation of Monopolies The captains of industry often pursued profit and self-interest above all else Drove competitors out of business Created giant companies that maintained monopolies in their industries Monopoly Occurs when one party maintains total control over a type of industry Trust: giant industrial monopoly By 1879, Rockefeller controlled >90% of the country’s refining capacity and pipelines
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People became worried about the concentration of
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This note was uploaded on 01/13/2012 for the course BUS M 201 taught by Professor Mcgregor during the Fall '11 term at BYU.

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2.1 Evolution of Mgmt - Chapter 2: The Management Movement...

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