He died in Winnetka, Illinois on March 9, 1962. The journal "System" was first published in December 1900 by the Shaw-Walker Company. Since the second volume in December 1901 it went with the subtitle "The magazine of business." In the very first article, entitled "The Cost of Production." one of the initial aims of the magazine was described as:  In our next few issues we hope to present to our readers a cost system, which, while not applied in the sense of a balance ledger system, with all of its intricate problems, will furnish facts, sufficiently accurate for all practical purposes and one which will largely aid the progressive manager to establish his own costs in a satisfactory manner as well as point out to his superintendent any weaknesses existing in the factory, thereby profiting by a speedy remedy of excessive costs, etc. In 1903 A.W. Shaw Company was founded and the "System" magazine became their flagship publication and a sensation of its time. Jeffrey L. Cruikshan (1987) recalled: Under Shaw's direction, "System" attempted to take a practical approach to business. It was a successful magazine, and it grew steadily in size and influence during Shaw's tenure as editor. (In 1927, "System" was purchased by McGraw-Hill. and renamed "Business Week."). But "System," as Shaw saw it. faced a difficult question: how to uncover the principles that must underlie the evolving practice of business. It was a question that Shaw himself had faced in 1906, when he had helped Northwestern University design an undergraduate business curriculum. A few years late at Harvard Business School Shaw and Edwin Francis Gay were faced with a similar challenge when they were designing the curriculum for the business graduate studies.