On the Foundations of the Drucker Vision

16 Pages Posted: 22 Aug 2009 Last revised: 27 Aug 2009

See all articles by Richard L. Smith

Richard L. Smith

University of California, Riverside - Anderson Graduate School of Management

Date Written: June 1, 2009


This is the first of two essays on the influences of Peter Drucker’s exposure to proponents of the Austrian School of economics on his writing and philosophical views. In this essay, I review the major influences that appear to have shaped much of his thinking, focusing mainly on post-World War I European history and the development of the Austrian School. In the second essay, “The Drucker Vision: Corporations, Managers, Markets, and Innovation,” I review Drucker’s writing with the objective of tracing the how his views have been shaped by these influences. I focus, in particular on Drucker’s views of classical economics, the profit motive, corporate purpose, the value imperative, corporate social responsibility, managerial ethics, corporate purpose, innovation, pension funds, and the market for corporate control. The over-arching objective of both essays is to provide clearer interpretation of the meaning of some of Drucker’s most important and frequently misunderstood contributions.

Keywords: Peter Drucker, the Austrian School, Schumpeter

JEL Classification: B00, B25, B29, B31, N44

Suggested Citation

Smith, Richard L., On the Foundations of the Drucker Vision (June 1, 2009). Available at SSRN: https://ssrn.com/abstract=1458549 or http://dx.doi.org/10.2139/ssrn.1458549

Richard L. Smith (Contact Author)

University of California, Riverside - Anderson Graduate School of Management ( email )

Riverside, CA 92521
United States
951-827-3554 (Phone)

HOME PAGE: http://www.agsm.ucr.edu/

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