The Modern Period (1960 to present). After, 1960 management thought has been turning somewhat away from the extreme human relations ideas particularly regarding the direct relation between morale and productivity. Present management thinking wishes equal emphasis on man and machine.
The modern business ideologists have recognized the social responsibilities of business activities and thinking on similar lines. During the period, the principles of management reached a stage of refinement and perfection. The formation of big companies resulted in the separation of ownership and management.
This change in ownership pattern inevitably brought in ‘salaried and professional managers’ in place of ‘owner managers’. The giving of control to the hired management resulted in the wider use of scientific methods of management. But at the same time the professional management has become socially responsible to various sections of society such as customers, shareholders, suppliers, employees, trade unions and other Government agencies.