John F. Mee

Pater Familiae et Magister

The article presents a speech honoring Academy of Management member Ralph Currier Davis, delivered at Ohio State University on November 12, 1964.

EDWARD S. MASON (Ed.). The Corpora tion in Modern Society. Pp. xv, 335. Cambridge, Mass.: Harvard University Press, 1959.

far as the law is concerned after almost eight years of traditionally ’sound money’ party rule, at least in the eyes of the executive branch of government. There is a chapter on &dquo;A Proper Central Banking System&dquo; which contains a recommended rewording of the Title of the Federal Reserve Act designed &dquo;to state more fully than is now the case the appropriate purposes of the Federal Reserve System.&dquo; This would add to the usual purposes of elasticity, rediscounting facility, and more effective supervision other purposes, such as: &dquo;to protect the integrity and purchasing power of the United States dollar; to promote profitable production and employment ; to facilitate consumption and to foster a high standard of living.&dquo; Bell thinks that, as a result of the Employment Act of 1946, &dquo;Efforts are constantly being made to force the Federal Reserve System under the control (of the Act) and to make the banking system an instrumentality of the government&dquo; (pp. 225-226). Pressures toward the monetization of

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the accumulation of capital. Even to the uncontested master of economic statics, Ricardo, social structure was subject to change rather than being &dquo;something fixed in the natural universe.&dquo; Otherwise, he would have failed to demonstrate the historical trend of the land rent to increase with the progress of society. Too much has been said in recent years on Malthus’ historical, comparative, and evolutionary approach to blame him for unawareness of the role of social change. Also, the second part of the argument is deficient. The analysis of economic change as an endogenous factor goes back far beyond institutionalism. The frontal attack against the mechanistic view of the classicists started on the threshold of the nineteenth century with the romantic notion of organic growth. Economic development and growth remained the points at issue as long as there was a historical school. It would be difficult to prove that this turn in mind originated from the Darwinian revolution. If, however, the main argument of the author breaks down, does he help us in other ways to better understand the reorientation due to institutionalism? Fortunately, he dismissed the elementary textbook proposition linking classicism with statics and institutionalism with dynamics. He should be commended for his discus-

BARLOW, E. R. Management of Foreign Manufacturing Subsidiaries. Pp. xii, 223. Boston: Harvard Business School, 1953.

Valley Authority from the initial construction of the Muscle Shoals Dam in 1916 to the present. As the TVA was the first regional agency organized under federal government control, the author is quite justified in devoting some space to a consideration of the subject of regionalism although it seems unfortunate that he quotes only from sociologists in discussing the topic and gives no credit to work done by

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business cycles &dquo;will become more and more alike.&dquo; Of particular interest is David McCord Wright’s comment that no set of econometric models will ever suffice for reliable long-run economic forecasting: &dquo;the element of novel social conception is always breaking in.&dquo; In &dquo;Studies in Investment Behavior,&dquo; Klein analyzes patterns of investment (chiefly in the railway industry) during the interwar period. His principal conclusions-that investment during any year