"cd dir && $(MAKE)", not "cd dir; $(MAKE)"

[Doug Evans]

Andrew Cagney writes:
 > > 	  (cd etc; $(MAKE) $(FLAGS_TO_PASS) check)
 > 
 > Just FYI,
 > 
 > If there is no etc/, the above should barf.  This is because MAKE runs 
 > /bin/sh -e and the unchecked `cd''s error status should cause an abort.

IF make did that, then the above would have barfed.
Clearly in my case it didn't.

Where is the -e set?
After configuring all I see in SHELL is /bin/sh.