Alfred Chandler, The Visible Hand: The Managerial Revolution in American Business
How well does Chandler’s argument capture the nature of large corporations and their position within in the contemporary capitalist economy?
Answer the topic question referring the following paragraph:
‘modern business enterprise took the place of market mechanisms in coordinating the activities of the economy and allocating its resources. In many sectors of the economy the visible hand of
management replaced what Adam Smith referred to as the invisible hand of market forces’