Many of the towering figures of the Industrial Revolution could well be described as "the compleat producer." Richard Arkwright, for example, invented radically new spinning machinery, applied waterpower to its operation, set up mills all over Great Britain, financed collateral inventions, and maintained a dominant position in the textile industry even after his patents were voided. He was the sort of inventor-engineer-capitalist-executive-marketer on which Ayn Rand based Hank Rearden.
Individualism as a moral doctrine includes the idea that individuals have a right to live for themselves to pursue their own happiness. It says: Each individual is an end in himself. And that means individualism is not compatible with altruism.
Summary: In Charles Heckscher's pioneering analysis of business restructuring and the decline of lifelong security within a corporation, Walter Donway finds the seeds of business ethics on an Objectivist basis. BOOK REVIEW: White-Collar Blues: Management Loyalties in an Age of Corporate Restructuring. Charles Heckscher. New York City, Basic Books, 1995.199 pp., plus notes, appendix, index. $23.00 When I was growing up in Worcester, Massachusetts, in the 1950s, I was surrounded by neighbors and relatives who were "Norton men": employees of the "Fortune 500" Norton Company headquartered in Worcester. "Norton takes care of you," they said. "Norton takes care of its people." Individuals (mostly men) who had retired from Norton after 25,30, or 35 years of "service" were everywhere. They nodded their heads in comfortable gratitude: "Norton really takes care of you." It made me uncomfortable even then. It seemed so . . . sheltered? Complacent? Dependent? Charles Heckscher, chairman of the Labor Studies and Employment Relations Department at Rutgers University, puts it in other terms: the loyalty of middle managers within the paternalistic American corporation. His book, based upon confidential interviews with middle managers at compa­nies such as General Motors, Dow Chemical, DuPont, and AT&T, is about the smashup of the paternalistic bureaucratic corporation, the forced abandonment of the loyalty-for-security arrangement, and the beginnings of a new relation­ship between...
Description: Matthew Josephson’s 1934 best-seller, The Robber Barons, with its damning portraits of great industrialists and Marxist analysis, became a kind of instant classic, and its epithet-title achieved a currency out of all proportion to the book's merit. The following essay, by IOS Trustee Walter Donway, appeared on the Editorial Page of the Wall Street Journal, Friday, September 4,1992. It is reprinted here by permission of the Wall Street Journal. © 1992 Dow Jones & Co. All rights reserved. When a public figure is slandered, he can hope to defend himself. But who will defend a historical period when it is maligned? If we are not careful, the 1980's—a period of sustained economic growth, resurging markets, and socialist collapse—will go down in history as "The Decade of Greed," symbolized by the exploits of its boldest financier, Michael Milken. Before that happens, we would do well to examine a similar case of historical mislabeling. Late 19th century America enjoyed an unprecedented economic boom. Yet it is known as the era of the Robber Barons, with all the connotations of rapacity and greed. The phrase has become the label in the public mind for business activity in our most successful capitalistic era. How did this transformation come about? The credit belongs to Matthew Josephson, the left-wing journalist whose book The Robber Barons was published in 1934. The book was selected by the Book of the Month Club and enjoyed a six-month...

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