Industrialization. Machine production rather then by hand High involvement of population in production Production in large factories New technology and innovations Specialization in economics. Expanded markets, no longer localized Growth in nationwide transportation based in railroad
High involvement of population in production
Production in large factories
New technology and innovations
Specialization in economics
Expanded markets, no longer localized
Growth in nationwide transportation based in railroad
Money saved for investment
Steady increase in urban centers (cities)
Growth in big businessAmerican Industrialization
Partnerships – Businesses owned by two or more individuals .
Trusts – a group of companies that turn control over to a board of directors.
Also known as combinations
Monopolies – a trust that gains exclusive control over an industry.Business at the turn of the Century
Proprietors and partnerships were not large enough to control the spread of large industry
Could not afford to support expensive ventures such as railroads, steel, or oil.
Corporations – money is raised by the selling of shares
Stockholders receive shares of the profits
Ability to raise huge sums of money to finance business
Limited Liability - Stockholders don’t assume company debt
More stable - corporations exists no matter who owns the stockBigger = Better