The History of American Corporations 

Corporations play a vital and (sometimes) contentious aspect in the political, economic, and cultural character of America.

Nonetheless, it’s important to know the history of corporations in the United States. How can you evolve and grow as a business if you don’t know about the past?

This article will explore the accounts of corporations throughout the years, touching upon some of the most important times. 

What is a Corporation?

Both a group of people or an individual can create a corporation. The company has the exact responsibilities and legalities as a single person does. Many large companies like Coca-Cola or Microsoft are classified as corporations. For limited liability in a corporation, shareholders aren’t accountable for the debts accumulated by the business.

The function of a corporation is to manage a legal, principled, viable, and above all, lucrative business. Long-term sustainability is needed for the corporation to be considered successful. You need to regard the opinions of the customers, shareholders, employees, suppliers, money lenders, and the communities that you serve. It exists separately from the owners and can enter deals, contracts, and loans, hire staff, possess assets, pay taxes, and get into legal issues (being sued or suing). 

Early Corporations 

Believe it or not, corporations were originally started in the 1790s. These corporations helped propel the young country’s economy. The United States embraced the development of corporations like no other country. 

During the beginning of the American Revolution, small-scale banking corporations popped up. Although history enthusiasts point out that in 1813, the first significant industrial business was the Boston Manufacturing Co.

The corporations would gain capital from a lot of different resources giving a vital tool to lenders (also known as savers) and producers. In the beginning years, shareholder votes weren’t as safeguarded as they are now. It was a bumpy ride, but at the same time, they had a brand-new kind of investment. 

The Gilded Age

The History of American Corporations 

You can thank Mark Twain, in 1873, for coming up with the term Gilded Age from his (not as popular) novel The Gilded Age: A Tale of Today. Historians state that this important period lasted from 1877 to 1900. During that time there was the rise of railroads, oil, electricity, and the creation of corporations (both national and international).

At this time, corporations were easy to assemble, and numerous states had an easy and free registration process unlike today where fees are associated with forming a corporation. The fast economic evolution was notable in both the Northern and Western parts of America. Job earnings were a lot higher than the wages in Europe. This had immigrants from Europe come over to the United States seeking employment. 

Technology was also advancing during this time. Things like cash registers, adding machines, and typewriters changed how people did their jobs. There was a boom in the industrial sector, but there was also growth in agriculture with mechanical reaping machines (for harvesting crops).

To simplify, you can put the metamorphosis of the American industry during the Gilded Age down to three things – business protocols, technology advancements, and the rise of the railroads. 

World War Two 

The second world war lasted from 1939 to 1945. There was a shift in what role American corporations played during this period.

Many companies changed from producing customer goods to generating military cars vehicles and supplies for the war.

They made planes, tanks, guns, and equipment very speedily. This created more jobs and numerous Americans got back to work. 

After the War to the Twenty-first Century

It seemed like after the Second World War the United States still had great industrial prowess and wasn’t decimated like other places (because of the war). That’s not to say corporations didn’t face hurdles over many years. This illustrious reputation that American corporations had was rivalled in the eighties and nineties by German and Japanese corporations. About ten years after that (considered the twenty-first century) numerous corporations were entangled in financial embarrassments and scandals (like Freddie Mac) and lost billions. 

Since 2015, consumer surveys have reported that they still feel that large corporations supply beneficial products and services. The criticism that customers have about American corporations is the very high salaries that executives give themselves, not doing their part for the environment, being unable to create enough jobs for people, and not supporting their local communities as they should. 

There are many positive connotations to America and the flag that represents the country. If you are a corporation, think about the iconic image of the American Flag. It’s known worldwide and is available in indoor and outdoor varieties to help show your pride through your patriotic marketing strategies. The best option for purchasing a US Flag is to choose a Nylon or Polyester American Flag with embroidered stars and sewn stripes that are manufactured entirely in the United States from high-quality fabric.

In Conclusion 

The History of American Corporations 

The framework for American corporations has changed and evolved during its long history. This expansion can be explained by favourable governance models for corporations, implementation of government rules, outside competitors, and the demands of the shareholders.

There is also an educational force at work, examining corporate theory and culpable government. These factors have played a part in the development of American corporations as well. 

What does the future hold for American corporations? Globalization and advancements in technology help new markets emerge as well as create innovation for business models. While this is happening, new competitors will come out and unforeseen challenges will force corporations to adapt. Many will look to the bigger American corporations and follow suit.

Remember, to adjust quickly when complications arise. This will let you grow and be successful as a corporation. 

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