[12] By managerial enterprise I mean simply those industrial concerns where decisions as to current production and distribution and those involving investments in facilities and personnel for future production and distribution are made by a hierarchy of lower, middle and top salaried managers. Although such hierarchical organisations were common in military, government, and religious institutions in earlier centuries, they did not appear in commerce and industry until the coming of the railroads in the United States and Europe in the mid-nineteenth century. Before that time owners of business enterprise managed and managers owned. ....