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In this episode I discuss how the visible hand of management (described by Alfred D. Chandler, Jr.) replaced the invisible hand of the free market (first mentioned by Adam Smith), so that our economy can now be characterized as one dominated by managerial capitalism rather than free market capitalism. This has implications for how managers think about management.

Charles G. Chandler, Ph.D.
[email protected]

References:
1. Smith, Adam 1776. An inquiry into the nature and causes of the Wealth of Nations. 785 pages. An Electronic Classics Series Publication (2005 edition).

2. Chandler, Alfred D, Jr. 1977. The Visible Hand: The Managerial Revolution in American Business. 608 pages. The Belknap Press of Harvard University Press. Cambridge, MA.

3. Coase, Ronald 1937. “The Nature of the Firm”. Economica, 4 (16): 386–405. Blackwell Publishing.

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