Consolidated Industry in the United States
Laws of incorporation passed in the United States in the 1830s and 1840s made it easier for business organizations to raise money by selling stock to members of the public. The ability to sell stock to a broader public made it possible for entrepreneurs to gather vast sums of capital and undertake large projects. This led to the emergence of modern corporations as a major force in the United States after 1865. These large, national business enterprises needed more systematic administrative structures. As a result, corporate leaders introduced a set of managerial techniques that relied on systematic division of responsibilities, a carefully designed hierarchy of control, careful cost-accounting procedures, and perhaps above all a new breed of business executive: the middle manager, who formed a layer of command between workers and owners. Efficient administrative capabilities helped make possible another major feature of the modern corporation: consolidation (combining many things into one).
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