The world has moved from an agrarian economy to an industrial economy and further. to a knowledge and information economy. Although the rapidity of the transition. from one type of economy to the other varies from country to country, almost all. economies have experienced these shifts to varying degrees. Countries such as. India have simultaneously seen all three types of economies in operation, thereby. increasing the complexity for top executives and others in the profession of management. The history of management bears evidence of the triumphs and travails associated. with this transition.