This paper applies the ideas found in the work of Adam Smith, the preeminent 18th century economist, to the field of management. Adam Smith was the first person to identify specialization and the division of labor as the main drivers of productivity. He also conceptualized the 'invisible hand...

The US federal government's response to the financial crisis was an unprecedented increase in government subsidies, grants, and contracts given directly to specific private businesses. The terms "crony capitalism" and "cronyism" are now widely used to describe the modern relationship between...

Many, but not all, US state governments have adopted preference policies that give an advantage to in-state businesses (vendors) that submit bid proposals for state projects. Most preference policies are specified in a specific percentage advantage, which means that an in-state vendor will be...