The dictionary meaning of a corporation is a large company or group of companies authorized to act as a single entity and recognized as such in law. Europe saw the first establishment of corporations before the 17th century where they utilized the profit for European colonial expansion. The East India Company was one of the first corporation set ups by the Britishers. Investing their personal stocks partners transformed it to a stock company making it the world first commercial corporation. Albeit, Europe birthed some huge corporation during 17th to 19th century namely in Great Britain and Netherlands, no country saw the widespread of corporation like the United States.
The first year post the American Revolution, there were small banking corporations in existence. However, the first prominent corporation was Boston Manufacturing Co. in 1813, whose business strategies were adapted from Great Britain who were the pioneers in textile corporations creating industrial revolution. Before Japan could raise up in competition against the America in the market in the 19th, America experienced unexpected growth and expansion of corporation and ruled the market exemplifying as the leaders of the trade. The development of corporation in America proved to be an asset to the economical, cultural and political facets of the country. The business development of corporations that was a result of the business strategies introduced, that drove the Industrial Revolution in the 18th century. This made US the world greatest inventors of corporations with a strong economy and flooded the country with growth and development by the 19th century.
However, the economy took on an ugly face in 1929 after the stock market crash affecting the financial aspect of the country to a great extent which could be one of the sparks in igniting the Great Depression. People started losing their faith in the models of corporations. But it was not long until corporations sprang up again reinstated peoples’ hopes in 1945 making America the only powerful country who could not be destroyed in the World War II.
Commonly known as Megacorps today, have evolved over the last 200 years. Corporations have emerged into large entities with a dominating market presence which christened them as the mega corporations in the business world. Creative business strategies that have changed and evolved over the times and the government rules impacting the governance of these corporations has played a vital role in the expansion of these giants. Megacorps today are powerful as they contribute largely to the economic development of a country. Top megacorps like Walmart, Apple, Berkshire Hathaway and many more have acquired an eminent global presence that has not only benefited their own countries but also major countries that are in trade relations with these companies. Creating humongous job opportunities and supporting the economic and cultural growth of the country megacorps have proven to be the backbone of the trade world.
America acquired the concept from Europe and brought about a revolution in the market with their innovative concepts and business strategies. They have introduced new techniques, business plans, strategies blended with advanced technology that have fostered a smooth operation of any business. Today, the US is home to leading megacorps that have evolved over the last few centuries. The times have changed, the technology has changed, and the strategies have changed however the concept of revolution remains constant as America is still a market leader when it comes to creating a revolutionary ripple.