Founding Fathers of Management
What is it that makes up a good management system? Management is an ongoing process that has been used for centuries. There have been many factors that have led us to the management we see in the world today. Many individuals have contributed their theories and trends which are still seen and followed today in the business world. Adam Smith known as the "father of modern economics" has been one of the greatest thinkers to impact the industrial revolution (Smith). Throughout history there have been many contributors to provide different perspectives on management. The great minds of Frederick Taylor, Henry Gantt, and Henry Fayol also play a vital role in the history of management and how they led us into the industrial revolution.
Adam Smith known for his work The Wealth of Nations became an innovator impacting the industrial revolution. Smith talks about in his work how he proposed that a nation's wealth should be judged by the total of its production and commerce.
This is known as the gross domestic product. Smith was big on a capitalist society making claims that free-market economies can be more productive and beneficial. Smith goes on to argue for an economic system based on individual self-interest led by an "invisible hand," which would achieve the greatest good for all (Smith). This book that was written by Smith is considered to be one of the most influential foundational works of classical economics. He was behind the idea of Laissez-faire economics. This allowed businesses to make their own choices instead of the government telling them what they can and can't do. Smith also advocated division of labor in his book. He believed in a system that had each worker designated on one or a few tasks in the process of...