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The Cambridge History of Capitalism, a formidable compendium of thirty-four essays spread over two volumes (each well over five hundred pages in length), was first conceived by the economic historians Larry Neal and Jeffrey Williamson in 2005. At that time, the “history of capitalism” was not yet a term of art in history departments; even in graduate workshops at Harvard, the locus classicus of the later movement, “political economy” was still the preferred phrase. By the time the book was published in 2014, much had changed: Harvard now offered a program on the “study of capitalism,” Cornell was convening a summer boot camp on the “history of capitalism,” Columbia had a book series on the history of “U.S. capitalism,” the Journal of American History had assembled a roundtable on the theme, and the front page of the New York Times had taken notice. Questions that long seemed the province of other disciplines had come to the forefront in history departments.
The managerial revolution drove the rise of business schools in the United States and business schools contributed by graduating professional managers. Before World War II, however, the effect of an MBA degree was modest, causing great concern to leading business schools. Harvard Business School—in order to increase this impact—began in the mid-1920s to develop nondegree programs for potential top executives. In 1945, by drawing on the experiences of certain short-lived programs and the extraordinary situation during the war, Harvard Business School launched its Advanced Management Program, which became a global role model for executive education.