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Science and Technology for Big Business in the 1880-90s

Technologies have always been the driving power of any progress. At the end of the 19th century, technological development contributed to significant changes in the industrial and production areas. Innovations broadened the economic opportunities and allowed entrepreneurs to apply more effective financial planning. Moreover, the labor tradition was also changing due to the emerging innovations. The technologies contributed to the economic and management innovations in big business.

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The technologies allowed people to change the character of business management. The entrepreneurs met the necessity of business expansion due to the simplification of the production process due to the technology implementation. As a result, family-oriented businesses united into giant corporations with vast development opportunities. The corporations started implementing different management innovations to gain maximum profits by expanding the production provoked by technological progress. The vertical and horizontal integrations were used to suit the particular business needs. As a result, production became more structured and profitable for the entrepreneurs. Therefore, the technologies contributed to the creation of big business and emerging new management strategies.

As far as the technologies diminished the value of the labor, the focus of the entrepreneurs was primarily put on gaining economic advantages over competitors. The economic change was in the creation of highly competitive conditions and the race for raw materials and other resources. Entrepreneurs started to develop strategies for corporate’ economic advancement, aiming to reduce costs. Therefore, thanks to technological development, the big businesses had the opportunity to produce products more efficiently, gaining competitive advantages in the market.

The technologies had a significant impact on the creation and development of big business. The structure of the business leading was changed to corporation-oriented. The expansion of the production encouraged new management approaches and strategies. The essential changes and cost-efficient administration of the corporations caused the economic changes in the market structure. Therefore, the technologies affected big business in two directions: economic and management.

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StudyCorgi. (2022, November 4). Science and Technology for Big Business in the 1880-90s. Retrieved from https://studycorgi.com/science-and-technology-for-big-business-in-the-1880-90s/

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StudyCorgi. (2022, November 4). Science and Technology for Big Business in the 1880-90s. https://studycorgi.com/science-and-technology-for-big-business-in-the-1880-90s/

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StudyCorgi. "Science and Technology for Big Business in the 1880-90s." November 4, 2022. https://studycorgi.com/science-and-technology-for-big-business-in-the-1880-90s/.

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StudyCorgi. 2022. "Science and Technology for Big Business in the 1880-90s." November 4, 2022. https://studycorgi.com/science-and-technology-for-big-business-in-the-1880-90s/.

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StudyCorgi. (2022) 'Science and Technology for Big Business in the 1880-90s'. 4 November.

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