Abstract:
Beginning of an industrialization process as well as fluctuations in it owes a lot to the presence of entrepreneur class. If industrialization is taken to be synonymous with growth of manufacturing sector the role of the entrepreneur becomes obvious. The British Industrial Revolution is full of instances where a continuous stream of new inventions imparted a boost to the economic system and effectively started the industrialisation process. Because an economy is hardly expected to keep up the same pace of entrepreneurial activity through history, it is quite possible that rise and fall in aggregate economic activity may have some connection with quality of management in the industrial sector. There are certain points of time in the evolution process when industrial management is able to meet the challenge that arises in the system quite effectively; on some other occasions there ca is something like a 'management gap'. It will be endeavour of any economy whether developed or developing to minimize this gap and ensure a steady and better quality of management.
