Abstract
Following the tradition of Ronald Coase (1937), who first worked out the fundamental differences between market coordination and internal coordination within enterprises, we can assume that management is a phenomenon of collective action in all organizations—for-profit corporations, government agencies, and foundations alike. In contrast to the “invisible hand” of the market, where changes in relative prices initiate individual adaptation processes (e.g., a decrease or increase in demand for a specific product), the coordination of economic activities within organizations is realized by the “visible hand of management” (Chandler, 1977). The differences between markets and organizations regarding the regulation of individual behavior are emphasized by Coase (1937, p. 388): “If a workman moves from department y to department x, he does not go because of a change in relative prices, but because he is ordered to do so.”
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Beyer, H. (1999). Toward an Entrepreneurial Approach, to Foundation Management. In: Anheier, H.K., Toepler, S. (eds) Private Funds, Public Purpose. Nonprofit and Civil Society Studies. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-4893-5_7
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DOI: https://doi.org/10.1007/978-1-4615-4893-5_7
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