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Why Were Business Schools Established?

In: SEEKING ADAM SMITH Finding The Shadow Curriculum of Business

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  • Eli P Cox III

Abstract

After the Civil War, an avalanche of new products, manufacturing technologies, modes of transportation and communication, and large manufacturers and intermediaries spilled westward across the continent. Corporations run by salaried managers working on behalf of stockholders were rapidly displacing small family-owned businesses not unlike the straight-pin maker Adam Smith famously describes in Wealth of Nations. The demands placed on this new class of managers were unprecedented because they were responsible for designing, producing, distributing, promoting, and selling products to millions of customers with whom their firm had no direct contact.

Suggested Citation

  • Eli P Cox III, 2017. "Why Were Business Schools Established?," World Scientific Book Chapters, in: SEEKING ADAM SMITH Finding The Shadow Curriculum of Business, chapter 3, pages 12-28, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813206748_0003
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    More about this item

    Keywords

    Financial Crises; United States; Corporations; Moral and Ethical Aspects; Business Education; Business Ethics; Economics-Moral and Ethical Aspects; Adam Smith;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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