1. Arch Patton, Men, Money and Motivation, McGraw-Hill Book Company, N.Y., 1961, p. 39.

2. "Cormorant," Encyclopedia Britannica, Vol. 6, 1958, p. 449.

3. New York Times, July 31, 1965; 25:2.

4. Mills, The Power Elite, p. 282.

5. Ibid., pp. 288-91.

6. The idea of a privileged managerial elite apparently traces back to The Mental Worker, Geneva, 1905, by Waclaw Machajski, a Polish Marxist who asserted that eliminating capitalists would "substitute for the capitalists a class of hereditary soft-handed intellectuals, who would perpetuate the slavery of the manual workers and their offspring." (Quoted by Max Nomad, Rebels and Renegades, The Macmillan Co., N.Y., 1932, p. 208). This happened under Leninism with the rise of a privileged bureaucracy of nonowners, as shown by Milovan Djilas, The New Class, Praeger, N.Y., 1957. But capitalism, too, it seems, had its managerial elite, who were elbowing the owners aside just as the Communist managerial elite elbowed the ever-deserving workers. This thesis was argued with much flourishing of statistical tables by A. A. Berle, Jr., and Gardiner C. Means in The Modern Corporation and Private Property, The Macmillan Company, N.Y., 1933. Management control, said Berle-Means, is strongly tending to displace ownership control, p. 124 and passim. As later shown in TNEC Monograph #29 this was not so, although the thesis, once stated, turned out to have a fascinating life of its own. The notion was popularized and greatly extended by James Burnham, The Managerial Revolution, The John Day Co., N.Y., 1941, and was extended over even larger areas by C. Wright Mills; it was always at variance with ascertainable facts. Leninist societies are obviously directed by managers; there are no owners apart from the state. In a capitalist society there are owners, and their ranks are limited to a few of power and consequence in the United States. These owners are not only free of rule by their own managers but have as much to say over the temporary political managers in the long run as the political managers have over them in the short run. Nonowning managers have little independent power in this situation; they have no independent power base.

7. Mills, The Power Elite, p. 277.

8. Ibid., p. 346.

9. Wall Street Journal, May 26, 1966; 1:6.

10. Patton, p. 198.

11. Osborn Elliott, pp. 21-23.

12. David R. Roberts, Executive Compensation, The Free Press, Glencoe, Ill., 1959 pp. 115-16.

13. Ibid., pp. 130-31.

14. Ibid., p. 129.

15. Ibid.

16. Daniel Bell, pp. 40-41.

17. Ibid., p. 42.

18. W. Lloyd Warner and James C. Abegglen, Big Business Leaders in America, Harper and Brothers, N.Y., 1955. This book is based on a more fundamental study by the same authors, Occupational Mobility in American Business and Industry, 1928-1952, University of Minnesota Press, Minneapolis, 1955. Methods and techniques used are fully discussed in this latter work.

19. Warner and Abegglen, Big Business Leaders . . . . p. 15.

20. Ibid., p. 48.

21. Ibid., pp. 50-51.

22. Ibid., p. 51.

23. Ibid., p. 57.

24. Ibid., p. 210.

25. Ibid., p. 211.

26. Ibid., pp. 215-16.

27. Ibid., pp. 214-15.

28. Ibid., p. 111.

29. Ibid., pp. 225-26.

30. Alan Harrington, Life in the Crystal Palace, Alfred A. Knopf, N.Y., 1959, p. 12.

31. Ibid., p. 39.

32. Ibid., p. 71.

33. Ibid., p. 96.

34. Ibid., p. 209.

35. Summary of American Science Manpower, 1964, National Register of Scientific and Technical Personnel, National Science Foundation, Washington, D.C., March, 1966, p. 1.

36. Ibid.

37. Ibid.

38. New York Times, December 18, 1965; 1:3; February 8, 1966; 1:3-4.

39. New York Times Magazine, May 15, 1966, pp. 50-51.

40. "Can Executives Be Taught to Think?" Fortune, May, 1953.

41. Joint Economic Committee for the Council of Economic Advisers, Economic Indicators, May, 1966, U.S. Government Printing Office, p. 5.

42. Wall Street Journal, June 21, 1966; 12:3.

43. Dr. Turfboer's analysis appeared originally in Sales Management, the Magazine of Marketing and was largely reproduced in The National Observer, May 31, 1965; 18:1-2.

44. New York Times, July 18, 1965; III, 5:4.

45. Mabel Newcomer, The Big Business Executive: The Factors That Made Him, 1900-1950, Columbia University Press, N.Y., 1955, p. 149.

46. Ibid., p. 151.