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Frederick Winslow Taylor, "Encourages managers to think of their employees as specialized, replaceable components. By studying work methods and directing people more precisely, bosses could "secure the maximum prosperity for the employer, coupled with the maximum prosperity for each employee." Tanz, 2003
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"Provided for the establishment of Federal Reserve Banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes."
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Increase efficiency by reducing motion
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"One of the earliest theories of management to be created, and remains one of the most comprehensive. He's considered to be among the most influential contributors to the modern concept of management"
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Henry Ford turns workers into consumers.
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Gives women the right to vote, a significant step in cultural, social, and managerial reform
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Poor individual management and negligence led to over-buying of stocks Rosenberg, n.d.
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"The bureaucratic form is the ideal way of organizing government agencies."
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"Performance of employees is influenced by their surroundings and by the people that they are working with as much as by their own innate abilities."
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"Management by Wandering Around," encourages bosses to leave their offices and chat with their employees.
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Prelude to Lean Manufacturing, and later Just-In-Time production SORENSEN, CHARLES E., My Forty Years With Ford. New York: W.W. Norton, 1956.
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"Perhaps it is better to say that all of life must be first be known experientially. There is no substitute for experience, none at all."
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"Puts each of a firm's businesses into one of four categories. The categories were all given memorable names—cash cow, star, dog and question mark—which helped to push them into the collective consciousness of managers all over the world."
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"Based upon Maslow's Hierarchy of Needs. Grouped the hierarchy into lower-order needs (Theory X) and higher-order needs (Theory Y). Suggested that management could use either set of needs to motivate employees, but better results would be gained by the use of Theory Y, rather than Theory X. These two opposing perceptions theorized how people view human behavior at work and organizational life."
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Milton Friedman brings about a new way of thinking
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Establishes safety standards within a firm.
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"Competitive Strategy: Techniques for Analyzing Industries and Competitors, 1980"
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Management (especially international) practices now must be adjusted in this new unipolar - instead of bipolar - political world.
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Allows employees of a company with 50 or more employees to take up to 12 weeks of unpaid leave for family and medical reasons each year. DOL, 2014
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The art of pursuading people and organizations to change.
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How Managers crush employee's ability to innovate.
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1997-2000, the dot com bubble forces firms to re-think their management tactics given the uprise of internet shopping. This will continue until present day.
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Companies must develop products in lower income countries and redistribute Immelt, et al.
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Sets minimum wage and overtime standards. USDL, 2014
