Reference no: EM132252160

One of the greatest of the Industrial entrepreneurs made contributions across a wide swath of management practice and science. This man was a pioneer in applying the division of labor to produce high quality, high volume output though well-managed factories that demanded high standards from employees in return for high wages. He pioneered cost accounting to give him a handle on product profitability, employee productivity and insight into economies of scale. His cost accounting even enabled him to uncover embezzlement by his chief clerk. He is also credited with being the "inventor" of marketing and was especially effective in exploiting high level celebrity endorsements of his product. A staunch supporter of the American colonists' revolution and a committed opponent of slavery, he promoted the economic development of Great Britian and championed the canal building era. Unlettered but an extremely ardent follower of the emerging sciences, he became a prominent member of the Lunar Society. One of his grandchildren became famous for his theory of natural selection and evolution. Who is this person? Is it Adam Smith?