Principles of Management
The Wealth of Nations and Industrial Revolutionary
Along the time, many things have changed in the world. People today see the world with the complete different vision from 100 or 50 years ago. The world’s economy has changed, the technology has had a big jump in these last centuries, laws have changed in some places, and people have made history and broke down the barriers. One important person, who has changed the history of the economy, and the view of it, was Adam Smith. He was the author of “The Wealth of Nations”, one book that Adam Smith putted whole his new ideas about the new management. That book had an important global impact. Another big event that occurs and change many things in our days was “The industrial Revolution”. “The Industrial Revolution' refers to a period of massive economic, technological, social and cultural change”. (Wilde) Although, three individuals made history with their ideas, Henry Gantt, Elton Mayo, and Chester Barnard were the people that contributed with the management. Adam Smith wrote his book during the 1776, it’s been long time ago, but still affect us in our days. Smith as philosopher wrote his book about the mercantilist system. During the 1776 the trade system between the countries was very limited. The only way to buy something from another country was giving something in return. Smith talked about that and he changed. The countries do not need give something in return to buy something from another country. There were topic about his writing was about “The Invisible Hand”. Resuming is looking to be in the first place, results in prosperity, “By giving everyone freedom to produce and exchange goods as they pleased and opening all markets to competition”. (Wilde) Inside of “The Invisible Hands”, Smith believed about three elements to bring the prosperity: Enlightened self-interest, limited government, and solid currency and free-market economy....
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