ABSTRACT
In this chapter, the author provides how the initial introduction into the practice and thought of business management had a profound impact on his academic and intellectual career as a historian. He shows how he continued to place managers and management in their larger historical settings. As modern business enterprise grew in size and diversity and as managers became more professional, the management of firms became separated from their ownership. The careers of salaried managers became increasingly technical and professional. There the visible hand of management played a far less significant role in coordinating the flow of goods and in developing long-term strategies for investment in future production and distribution than was the case in capital-intensive industries. The basic theme of The Visible Hand is that in the most vital sectors, of the economy The Visible Hand of managers replaced the invisible hand of market forces in coordinating flows and allocating resources.
