managerial revolution
managerial revolution A concept which points to the shift, within the modern corporation, from the owner to the professional manager as the key figure in the enterprise. This is associated with the change from ownership to control as the key source of power and vested interests, and with the declining importance of family capitalism and private property in contemporary capitalism.
The concept originates in a book of that title by James Burnham (1941) who asserted that not only industrial establishments but state agencies and all other significant organizations would become dominated by a new ruling class of managerial professionals pursuing their own interests. It is also associated with Adolf A. Berle and Gardiner C. Means (The Modern Corporation and Private Property, 1932), who believed that managers would pursue broader corporatist goals, even at the expense of short-term profitability. Like most theories about management, the ideas are in practice untestable. See also BOURGEOISIE; DECOMPOSITION OF CAPITAL.
The concept originates in a book of that title by James Burnham (1941) who asserted that not only industrial establishments but state agencies and all other significant organizations would become dominated by a new ruling class of managerial professionals pursuing their own interests. It is also associated with Adolf A. Berle and Gardiner C. Means (The Modern Corporation and Private Property, 1932), who believed that managers would pursue broader corporatist goals, even at the expense of short-term profitability. Like most theories about management, the ideas are in practice untestable. See also BOURGEOISIE; DECOMPOSITION OF CAPITAL.
More From encyclopedia.com
Decomposition Of Capital , decomposition of capital The process by which, in advanced Western capitalist societies, ownership of the means of production has come historically t… Monopoly Capitalism , Monopoly capital theory states that capitalism undergoes phases of evolution and transformation when some of its dominant institutions change signifi… Rebellion , rebellion, revolution Relatively rare but historically important events in which an entire social and political order is overturned, usually by viole… Capitalism , note:Although the following article has not been revised for this edition of the Encyclopedia, the substantive coverage is currently appropriate. The… Revolution , A sudden, tumultuous, and radical transformation of an entire system of government, including its legal and political components.
In many instances,… Organizations , Formal organizations are ubiquitous in modern society. Most people work in organizations, join organizations, and interact with organizations in thei…
You Might Also Like
NEARBY TERMS
managerial revolution