+1 Management Unit 2 Text Evolution of Management Thought
The practice of management is as old as human civilization when people started living together in groups. As societies developed, the practice of management started in all business and non-business organizations like churches, temples, hospitals, Government, etc. With Industrial Revolution in the 18th century, a new era of Industrialisation came into existence. Use of both, machines and labour force increased. Need for integrating the two arose and, thus, the need for more comprehensive management was felt. With further advancement, business houses became so large that their financial requirements could not be met by the owners. They raised money from outside through shares and debentures. Since ownership became diverse and it was not possible for owners to manage their businesses, managers were appointed to look after business affairs. There was, thus, separation of ownership from management and by the end of 19th century, management theory was recognise...
