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{{For|an economic concept|Visible hand (economics)}}
{{Use mdy dates|date=March 2021}}{{Short description|History book by Alfred D. Chandler Jr.}}
{{Infobox book
{{Infobox book
<!-- |italic title = (see above) -->
| name = The Visible Hand: The Managerial Revolution in American Business
| name = The Visible Hand: The Managerial Revolution in American Business
| image = [[File:The Visible Hand book cover.jpg]]
| image = The Visible Hand book cover.jpg
| image_caption =
| caption =
| author = [[Alfred D. Chandler, Jr.]]
| author = [[Alfred D. Chandler Jr.]]
| title_orig =
| title_orig =
| translator =
| translator =
| illustrator =
| illustrator =
| cover_artist =
| cover_artist =
| country = US
| country = United States
| language =
| language = English
| series =
| series =
| subject =
| subject =
| genre = history
| genre = history
| publisher = [[Harvard University Press]]
| publisher = [[Belknap Press]]
| publisher2 =
| publisher2 =
| pub_date = 1977
| pub_date = 1977
| english_pub_date =
| english_pub_date =
| media_type =
| media_type =
| pages = 608
| pages = 608
| awards = [[Pulitzer Prize for History]]
| awards = [[Pulitzer Prize for History]]
| isbn = 9780674940529
| isbn = 9780674940529
| oclc =
| oclc =
| dewey =
| dewey =
| wikisource =
| wikisource =
}}
⚫
}}{{DISPLAYTITLE:''The Visible Hand: The Managerial Revolution in American Business''}}
'''''The Visible Hand: The Managerial Revolution in American Business''''' is a nonfiction book by American business historian [[Alfred D. Chandler, Jr.]], published by [[Harvard University Press]] in 1977. Chandler argues that in the nineteenth century, [[Adam Smith]]'s famous [[invisible hand of the market]] was supplanted by the "visible hand" of middle management, which became "the most powerful institution in the American economy".<ref>{{cite web |url=http://www.highbeam.com/doc/1G1-163250973.html |title=Harvard Business School Professor Alfred D. Chandler, Jr., Preeminent Business Historian, Dead at 88 |date=May 11, 2007 |publisher=AScribe {{Subscription required|via=[[HighBeam Research]]}}|accessdate=December 9, 2012}}</ref>
'''''The Visible Hand: The Managerial Revolution in American Business''''' is a book by American business historian [[Alfred D. Chandler Jr.]], published by the [[Belknap Press]] imprint of [[Harvard University Press]] in 1977. Chandler argues that in the nineteenth century, Adam Smith's [[invisible hand|''invisible'' hand]] was supplanted by the "''visible'' hand" of [[middle management]], which became "the most powerful institution in the [[American economy]]".<ref>{{cite web |url=http://www.highbeam.com/doc/1G1-163250973.html |archive-url=https://web.archive.org/web/20160325170217/https://www.highbeam.com/doc/1G1-163250973.html |url-status=dead |archive-date=March 25, 2016 |title=Harvard Business School Professor Alfred D. Chandler, Jr., Preeminent Business Historian, Dead at 88 |date=May 11, 2007 |publisher=AScribe|access-date=December 9, 2012}}</ref>


''The Visible Hand'' was awarded the 1978 [[Pulitzer Prize for History]] and the [[Bancroft Prize]] of [[Columbia University]].<ref>{{cite web |url=http://www.highbeam.com/doc/1P2-5981455.html |title=Noted Economic Historian Alfred Chandler Jr., 88 |date=May 14, 2007 |work=The Washington Post |publisher= {{Subscription required|via=[[HighBeam Research]]}}|accessdate=December 9, 2012}}</ref>
''The Visible Hand'' was awarded the 1978 [[Pulitzer Prize for History]] and the [[Bancroft Prize]] of [[Columbia University]].<ref>{{cite news |url=http://www.highbeam.com/doc/1P2-5981455.html |archive-url=https://web.archive.org/web/20160311202100/https://www.highbeam.com/doc/1P2-5981455.html |url-status=dead |archive-date=March 11, 2016 |title=Noted Economic Historian Alfred Chandler Jr., 88 |date=May 14, 2007 |newspaper=The Washington Post |publisher= |access-date=December 9, 2012}}</ref>


== Chandler's eight propositions ==
== Chandler's eight propositions ==
⚫
Chandler uses eight propositions<ref>Chandler, Alfred. ''The Visible Hand''. Belknap Press, 1977. {{ISBN|978-0674940529}}. Introduction.</ref> to show how and why the ''visible hand'' of management replaced what Adam Smith referred to as the ''invisible hand'' of the market forces:


⚫
# that the US modern multi-unit business replaced small traditional enterprises, when administrative coordination permitted better profits than market coordination;
⚫
Chandler uses eight propositions<ref>Chandler, Alfred. ''The Visible Hand''. Belknap Press, 1977. [[ISBN]] 978-0674940529. Introduction.</ref> to show how and why the ''visible hand'' of management replaced what Adam Smith referred to as ''invisible hand'' of the market forces:
⚫
# that a managerial hierarchy has been created for this multi-unit business enterprise;
⚫
# that the multi-unit business enterprise appeared for the first time in history at a time when the volume of economic activities reached a level that made administrative coordination more efficient than market coordination;
⚫
# that once a managerial hierarchy was created and successfully carried out its functions of administrative coordination, the hierarchy itself became a source of power, permanence and continued growth;
⚫
# that the careers of salaried managers became increasingly professional and technical;
⚫
# that the multi-unit business enterprise grew in size and diversity, and as its managers became more professional, the management of the enterprise became separated from its ownership;
⚫
# that managers preferred policies that favored long term stability and growth of their enterprises to those that maximized current profits;
⚫
# that as large enterprises grew and dominated major sectors of the economy, they altered the basic structure of these sectors and of the economy as a whole.


== See also ==
⚫
# that the US modern multi-unit business replaced small traditional enterprise, when administrative coordination permitted better profits than the coordination by market mechanism;
* [[Invisible hand]]
⚫
# that a managerial hierarchy have been created for this multi-unit business enterprise;
* [[Vanishing Hand]]
⚫
# that multi-unit business enterprise appeared for the first time in history in a time when the volume of economic activities reached a level that made administrative coordination more efficient than market coordination;
* ''[[The Managerial Revolution (Burnham)|The Managerial Revolution]]'' by [[James Burnham]]
⚫
# that once a managerial hierarchy has been created and had successfully carried out its functions of administrative coordination, the hierarchy itself became a source of power, permanence and continued growth;
* [[The Nature of the Firm]]
⚫
# that the careers of the salaried managers became increasingly professional and technical;
* [[The New Industrial State]]
⚫
# that the multi-unit business enterprise grew in size and diversity and as its managers became more professional, the management of the enterprise became separated from its ownership;
⚫
# that managers preferred policies that favored long term stability and growth of their entreprises to those that maximized current profits.
⚫
# that as the large entreprises grew and dominated major sectors of the economy they altered the basic structure of these sectors and of the economy as a whole.


== References ==
== References ==
{{Reflist}}
{{Reflist}}


==Further reading==
⚫
{{Pulitzer Prize for History}}
⚫
* Antonio, Robert J. "The Visible Hand: The Managerial Revolution in American Business." ''Telos'' 1979.42 (1979): 188–193.
* Hensel, Nayantara. "The Visible Hand: The Managerial Revolution in American Business." ''Defense A R Journal'' 19.3 (2012): 345+. Academic OneFile. Web.
* John, Richard R. "Elaborations, Revisions, Dissents: Alfred D. Chandler, Jr.'s, The Visible Hand After Twenty Years." ''Business History Review'' 71#2 (1997): 151–200. [http://www.thebhc.org/publications/rjbhr.html online]


== External links==
⚫
{{book-stub}}
* [http://futureblind.com/2012/10/08/book-notes-the-visible-hand/ Summary of ''The Visible Hand: The Managerial Revolution in American Business'' by Max Olson]

⚫
{{Pulitzer Prize for History}}


{{DEFAULTSORT:Visible Hand: The Managerial Revolution in American Business}}
{{DEFAULTSORT:Visible Hand: The Managerial Revolution in American Business}}
[[Category:1977 books]]
[[Category:1977 non-fiction books]]
[[Category:Business books]]
[[Category:Business books]]
[[Category:Pulitzer Prize for History winning works]]
[[Category:Pulitzer Prize for History–winning works]]
[[Category:History books about the United States]]
[[Category:History books about the United States]]
[[Category:Belknap Press books]]



⚫
{{business-book-stub}}
[[fr:La Main visible des managers]]

Latest revision as of 02:36, 28 December 2024

For an economic concept, see Visible hand (economics).
The Visible Hand: The Managerial Revolution in American Business
AuthorAlfred D. Chandler Jr.
LanguageEnglish
Genrehistory
PublisherBelknap Press
Publication date
1977
Publication placeUnited States
Pages608
AwardsPulitzer Prize for History
ISBN9780674940529

The Visible Hand: The Managerial Revolution in American Business is a book by American business historian Alfred D. Chandler Jr., published by the Belknap Press imprint of Harvard University Press in 1977. Chandler argues that in the nineteenth century, Adam Smith's invisible hand was supplanted by the "visible hand" of middle management, which became "the most powerful institution in the American economy".[1]

The Visible Hand was awarded the 1978 Pulitzer Prize for History and the Bancroft Prize of Columbia University.[2]

Chandler's eight propositions

[edit]

Chandler uses eight propositions[3] to show how and why the visible hand of management replaced what Adam Smith referred to as the invisible hand of the market forces:

  1. that the US modern multi-unit business replaced small traditional enterprises, when administrative coordination permitted better profits than market coordination;
  2. that a managerial hierarchy has been created for this multi-unit business enterprise;
  3. that the multi-unit business enterprise appeared for the first time in history at a time when the volume of economic activities reached a level that made administrative coordination more efficient than market coordination;
  4. that once a managerial hierarchy was created and successfully carried out its functions of administrative coordination, the hierarchy itself became a source of power, permanence and continued growth;
  5. that the careers of salaried managers became increasingly professional and technical;
  6. that the multi-unit business enterprise grew in size and diversity, and as its managers became more professional, the management of the enterprise became separated from its ownership;
  7. that managers preferred policies that favored long term stability and growth of their enterprises to those that maximized current profits;
  8. that as large enterprises grew and dominated major sectors of the economy, they altered the basic structure of these sectors and of the economy as a whole.

See also

[edit]

References

[edit]
  1. ^ "Harvard Business School Professor Alfred D. Chandler, Jr., Preeminent Business Historian, Dead at 88". AScribe. May 11, 2007. Archived from the original on March 25, 2016. Retrieved December 9, 2012.
  2. ^ "Noted Economic Historian Alfred Chandler Jr., 88". The Washington Post. May 14, 2007. Archived from the original on March 11, 2016. Retrieved December 9, 2012.
  3. ^ Chandler, Alfred. The Visible Hand. Belknap Press, 1977. ISBN 978-0674940529. Introduction.

Further reading

[edit]
  • Antonio, Robert J. "The Visible Hand: The Managerial Revolution in American Business." Telos 1979.42 (1979): 188–193.
  • Hensel, Nayantara. "The Visible Hand: The Managerial Revolution in American Business." Defense A R Journal 19.3 (2012): 345+. Academic OneFile. Web.
  • John, Richard R. "Elaborations, Revisions, Dissents: Alfred D. Chandler, Jr.'s, The Visible Hand After Twenty Years." Business History Review 71#2 (1997): 151–200. online
[edit]


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