Decline of The Technostructure
The lack of control of the technostructure resulted in managerial abuse notably on its salaries during the economic crisis of the 1970s. It prompted support for new economic ideologies like the School of Chicago under Milton Friedman. Furthermore, the Employee Retirement Income Security Act of 1974 forced a much greater transparency from businesses and possible opposition to their decisions. In the 1980s, the rising and influential neoliberal ideology decried the divorce between the capital and the decisions. Based on the belief of a new emerging economy, neoliberal economic theories were introduced at the end of the 1980s forcing managerial capitalism to yield to the shareholders.
Read more about this topic: Technostructure
Famous quotes containing the words decline of and/or decline:
“I rather think the cinema will die. Look at the energy being exerted to revive it—yesterday it was color, today three dimensions. I don’t give it forty years more. Witness the decline of conversation. Only the Irish have remained incomparable conversationalists, maybe because technical progress has passed them by.”
—Orson Welles (1915–1984)
“Where mass opinion dominates the government, there is a morbid derangement of the true functions of power. The derangement brings about the enfeeblement, verging on paralysis, of the capacity to govern. This breakdown in the constitutional order is the cause of the precipitate and catastrophic decline of Western society. It may, if it cannot be arrested and reversed, bring about the fall of the West.”
—Walter Lippmann (1889–1974)