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Essay / Research Paper Abstract
A 4 page book review that discusses Alfred D. Chandler's landmark text The Visible Hand which begins with the author explicitly stating its purpose, which is "to examine the changing processes of production and distribution in the United States and the ways in which they have been managed" (Chandler 1). Chandler's principal theme is that modern business enterprises have supplanted the market mechanisms described by Adam Smith as the "invisible hand" (Chandler 1). While the market remains the generator of demands for goods and services, market business enterprise has taken over the "functions of coordinating flows of good through existing processes of production and distribution" (Chandler 1). The writer summarizes and analyzes the remainder of the text, offering the opinion that the book richly deserves the accolades that it has received over the last three decades. No additional sources cited.
Page Count:
4 pages (~225 words per page)
File: D0_khvishnd.rtf
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Unformatted sample text from the term paper:
United States and the ways in which they have been managed" (Chandler 1). Chandlers principal theme is that modern business enterprises have supplanted the market mechanisms described by Adam Smith
as the "invisible hand" (Chandler 1). While the market remains the generator of demands for goods and services, market business enterprise has taken over the "functions of coordinating flows of
good through existing processes of production and distribution" (Chandler 1). As this indicates, Chandlers provocative title which refers to the basic concept of modern capitalist enterprise, references the organizational arrangements
of modern business. Chandler addresses his principal thesis by enumerating a number of basic concepts. First of all, he proposes that modern business enterprise replaced small traditional enterprise when
"administrative coordination" began to do a better job of enhancing productivity and lowering costs than did traditional market mechanisms alone (Chandler 6). The second proposition proposes that internalizing multiple business
units within a single enterprise could not be accomplished without the invention of a managerial hierarchy (Chandler 7). The third proposition is that modern business enterprise evolved due to
the fact that the volume of economic activities reached level where administrative coordination functioned better than market coordination (Chandler 8). The next several propositions refer to the growth and evolution
of managerial hierarchies and conclude with the observation that as businesses grew to dominate certain sectors of the US economy, they altered the structure of the economy as a whole
(Chandler 11). As this indicates, the first three propositions explain the origin of modern business enterprise and the last five concern its continued growth (Chandler 11). Chandler then proceeds
to offer a review of these processes within the context of American history, beginning with the colonial era and the early decades of independence. In so doing, Chandler relates the
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