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Alfred Chandler

Alfred Chandler. 1918-Present. Who On Earth Is This Guy?. Educator Author Historian. Family History. Father - Alfred DuPont Chandler Mother - Carol Ramsay Born 1918 - Guyencourt, Delaware 1944 - Married Fay Martin Had Four Children. Education. 1940 - Graduated from Harvard College

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Alfred Chandler

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  1. Alfred Chandler 1918-Present

  2. Who On Earth Is This Guy? • Educator • Author • Historian

  3. Family History • Father - Alfred DuPont Chandler • Mother - Carol Ramsay • Born 1918 - Guyencourt, Delaware • 1944 - Married Fay Martin • Had Four Children

  4. Education • 1940 - Graduated from Harvard College • 1940-1945 - Navy - Lt. Commander • 1947 - Masters from Harvard • 1952 - Ph.D. Harvard • Bunch of Honorary Degrees

  5. Educator • 1950-1951 Research Associate, MIT • 1951-1964 Instructor - Professor, MIT • 1963-1971 Professor, Johns Hopkins • 1966-1970 Dept. Chair, Johns Hopkins • 1964-1971 Director, Center for Study of Recent American History • 1971-1989 Straus Professor of Business History, Harvard • 1989- Emeritus

  6. Author • 1956, Henry Varnum Poor • 1962, Strategy and Structure (Newcomen Award, 1964) • 1965, The Railroads • 1971, Pierre S. duPont (with Stephen Salsbury) • 1978, The Visible Hand (Pulitzer & Bancroft Prizes) • 1980, Managerial Hierarchies (with Richard Tedlow) • 1985, The Coming of Managerial Capitalism • 1988, The Essential Alfred Chandler

  7. Historian • Economic History Association (President 1971-1972) • Organization for American Historians • Society for the History of Technology • Historical Association • American Antiquarian Society • American Historians • Massachusetts Historical Society • American Academy of Arts and Sciences • American Philosophical Society

  8. His Basis • Business Week • Historical Perspective

  9. Strategy and Structure • “Structure in big business enterprises follows strategy” • What is Strategy? • What Drives Changes in Strategy? • Multi-Purpose Divisional Structure • Role of Business Leaders • Key Impact on Large Industry

  10. Perspective

  11. The Visible Hand • Adam Smith • Business: Two Phases • Modern Business Is

  12. The Visible Hand • Fundamental Changes • Production • Distribution • Markets • Integration • Human Aspect

  13. The Visible Hand - Progression Founders Ownership (Diffused) Middle Managers Top Mgmt. Middle Managers

  14. Business Development • Second Industrial Revolution • Old Industries Transformed • New Industries Developed • Economic Growth and Development • International Expansion • Capital-Intensive Markets

  15. Organizational Capabilities • First Movers • Market Share Changes - Non-Econ! • Theories of the Firm • Neoclassical Theory • Principal-agent Theory • Transactions Cost Theory • Evolutionary Theory

  16. Organizational Capabilities • International Competition • Held Back by World Events • Reality in 1960’s • Core Competence • Diversification • Divestiture

  17. Profit Growth • Short-Term • Long-Term • Geographic • Product

  18. Criticisms • Strategy and Structure • Tom Peters • Mintzberg • The Visible Hand • Nothing noted about newer techniques • Nothing said of behavior sciences • Importance of the human element • Failure to provide evidence • Evaluation of social costs and benefits

  19. Summary • Historian • Studied Large Industrial Business History • Conclusions: • Structure Follows Strategy • Decentralized, Multi-Purpose Divisional Structure is Optimum • The ‘Visible Hand’ of Management has Taken the Place of Adam Smith’s ‘Invisible Hand’ of Market Forces (Market Economy vs. Managerial Capitalism) • Management has not basically changed since WWI

  20. Summary • Conclusions: • Market Share Driven by Functional and Strategic Competition, Not by Price Competition • Firms (Physical and Human Assets) Are the Basic Unit of Historical Economic Analysis • Firms Should Stick to Their Core Competencies • Long-Term Profit Growth is Gained from Expansion into New Geographic or Product Markets

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