I shall present a theory - which I call "the theory of the managerial revolution." During the past century, dozens, perhaps even hundreds, of "theories of history" have been elaborated. All of the theories, with the exception of those few which approximate to the theory of the managerial revolution, boil down to two and only two. The first of these predicts that capitalism will continue for an indefinite, but long, time, if not forever:' that is, that the major institutions of capitalist society, or at least most of them, will not be radically changed. The second predicts that capitalist society will be replaced by socialist society. The theory of the managerial revolution predicts that capitalist society will be replaced by "managerial society," that, in fact, the transition from capitalist society to managerial society is already well under way.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "I shall present a theory - which I call "the theory of the managerial revolution." During the past century, dozens, perhaps even hundreds, of "theories of history" have been elaborated. All of the theories, with the exception of those few which approximate to the theory of the managerial revolution, boil down to two and only two. The first of these predicts that capitalism will continue for an indefinite, but long, time, if not forever:' that is, that the major institutions of capitalist society, or at least most of them, will not be radically changed. The second predicts that capitalist society will be replaced by socialist society. The theory of the managerial revolution predicts that capitalist society will be replaced by "managerial society," that, in fact, the transition from capitalist society to managerial society is already well under way." in the context of "p. 7, as cited in: Albert Lepawsky (1949), Administration, p. 12-13" to mean that wisdom is timeless.