America's Industrial Age: Big Business & Modern Corporations
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The Rise of Big Business in America
The rise of big business in America saw the emergence of the modern corporation, complete with shareholders, distinct operating units, a national network of suppliers, and professional salaried managers. In the 19th century, a revolutionary idea took hold. Previously, the bulk of economic activity was conducted through single-unit businesses run and owned by independent tradespeople. This changed with increased economic activity and new business models, exemplified by figures ranging from local merchants to industrial giants like Henry Ford. By 1840, business people expected the coordination of their activities across a region as vast as the United States to be handled by the markets themselves.