An Inquiry Into The Nature And Causes Of The Wealth Of Nations

1169 WordsFeb 6, 20175 Pages
Management has not always been the way it is as of today. There were many people that warped and shaped the ideals of management throughout history. A few of those people are Adam Smith, Henry Fayol, Mary Parker Follett, and Henry Gantt. We see many of their principles and theories in modern management techniques. I have personally seen their effects in my management experiences. Another company that has great management ideals is Zappos. The Industrial Revolution began around 1760. Shortly after in 1776 Adam Smith published his book, An Inquiry into the Nature and Causes of the Wealth of Nations. This book affects the Industrial Revolution, as well today’s modern economics. Adam smith is known as, “the father of economics.” (Economist…show more content…
I think this is a major reason why he felt so strongly that free trade benefits the market and everyone for that matter. This concept applies today. For the most part, the United States trades with many different countries. The trading helps make products much cheaper as well as production much higher because people focus on what they’re good at. Although Adam is great there are others that have impacted the way business’s run throughout history. Some of them even have an impact on today’s society. One of these people that had an impact on management thought in history is Henry Fayol. An online article by The Mind Tools Editorial team says that, “Fayol, and others like him, are responsible for building the foundations of modern management theory.” Fayol had these fourteen principles of management; one of them being just like Adam’s ideas, the division of work. Another is the Unity of Command; this is Fayol’s idea that employees should have only one direct supervisor. Another two are Equity and Stability of Tenure of Personnel. Equity is his concept that managers should be “fair to staff at all times, both maintaining discipline as necessary and acting with kindness where appropriate.” Stability of Tenure of Personnel is his principle that managers should try to keep employee turnover at a low rate. Although the last two are considered common sense today,
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