J. P. Morgan created the first billion-dollar corporation through mergers in the steel industry.
J. P. Morgan created the first billion-dollar corporation by combining three large steel companies. In 1901, he oversaw the formation of United States Steel, built from eight leading steel companies, marking the arrival of monopoly in the industrial landscape.
During the great merger movement of 1895-1904, firms like General Electric and DuPont dominated their markets through consolidation, with forty-one consolidations holding over 70% market share. These mergers, instigated by wealthy individuals like Morgan, aimed to bypass competition and solidify market control.
Industrialization and technological innovation spurred the growth of massive corporations, such as railroads, which played a pivotal role in creating vast fortunes and shaping the Gilded Age economy.
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