In the next segment, historical perspectives of marketing, consumerism and entrepreneurship have been discussed. Further by discussing the impact of technology, changing nature of work and the concept of deindustrialization, an attempt has been made to highlight the historical evolution and portrait of the current business scenario.
The term is specially referred to huge sized organizations or multinational businesses either in individual or collective sense. Today Microsoft, Google, General Motors, and Wal-Mart are leading organizations that are the leading Big Businesses.
The term came on the horizon just after the American Civil War along with the combination movement when the US Congress passed the legislation to allow the individual business entities to form up corporations. From 1895 to 1905, small organizations or firms took benefits from new legislation and consolidated into huge corporation through mergers and acquisitions processes. During the early phase of the Big Business, the US government had a lenient policy toward the business. Along with large public opinion, the government also believed on the laissez-fair theory that demands free economic markets without the government intervention. Therefore free developing market environment created a competition that led to fair prices for consumers. But it was a temporary phase. Within few years, these corporations became dominant on the American industries. They quickly gained control of all the aspects of the market of their respective industry and set new business trends and American life styles. Such corporations and their owners became exceedingly rich and influential mostly at the cost of numerous poor workers. For example during that era, Andrew Carnegie’s Carnegie Steel, John D. Rockefeller’s Standard Oil Company, J.P. Morgan’s Banking House, and Cornelius Vanderbilt’s New York Central Railroad System were the leading Big Business organizations. The owners of Big Business were