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Sep 13 - The Idea of Business History.docx

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History 1803E
Jeffery Vacante

The Idea of Business History September 13, 2011 The Idea of Business History Later in the course… Economic crisis – role of the state Most business people believe the state has a role to play – primary pushers of regulation, state intervention in economy Infiltrated state, became involved, and allowed them to pursue their profit Today’s lesson… Why Business Became Something People Studied  Concept of studying business history is new  Idea of business school per se is relatively new (emerged as response to changes in business world in the 19 century) o Rise of enormous firms – too big to be directly controlled by owners  What precipitated this? Rise of big businesses  The Rise of ‘Big Business’: The economic transformations of the late nineteenth century that led to the creation of large companies made it much more difficult to manage these companies; o Led to managerial revolution; part of larger ‘efficiency movement’ o Frederick Winslow Taylor, ‘The Principles of Scientific Management’ (1911)  Monopolies are still illegal today o Overbearing state declaring what cannot be owned or bought o In order to preserve free market, block emergence of monopolies o Reward those to have most resources at their disposal  Rockefeller was no lover of competition; thought i
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