Abstract
The modern business enterprise is equipped with a highly developed managerial hierarchy. It allocates resources by making use of the line of authority which is operated through this hierarchy. While resources can be allocated and economic activities coordinated through other sorts of institutional arrangements such as the market mechanism, it may be asserted that the business enterprise or the firm with managerial hierarchies appears when the markets or other kinds of institutional arrangements do not effectively fulfil the function of the allocation of resources.
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Notes
J. U. Nef, Industry and Government in France and England, 1540–1640, Ithaca, 1967.
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© 1991 Yoshitaka Suzuki
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Suzuki, Y. (1991). Management Resources and the Structures of the Modern Firms. In: Japanese Management Structures, 1920–80. Studies in the Modern Japanese Economy. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-21200-2_1
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DOI: https://doi.org/10.1007/978-1-349-21200-2_1
Publisher Name: Palgrave Macmillan, London
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