Question

Define the term corporation And explain the connection between technology and the growth of the new ways of doing business during the industrial revolution.

Answer 1

Answer:

Corporation is broad term that is used to define organisation recognized and authorized by the state to perform a specific activity, such as business, or for another particular purpose. Though the majority of corporations comprise a group of people, some of them can consist of single natural person.

Technological advancement during the First and Second Industrial Revolutions prompted many businessmen to engage in certain activities and by their drive to make profit pushed technological development even further.

Good example from the Second Industrial Revolution is the formation of General Electric Company (GE) that have started in 1889. This year  Drexel, Morgan & Co. provided funding to promote Thomas Edison research of the electricity. The founder of those company J.P. Morgan and Anthony J. Drexel made a contribution into merging several electricity-related companies started by Thomas Edison into a single corporation 'Edison General Electric Company'. It was officially established  on April 24, 1889. Further incorporation of other companies promoted scaling of this business.