Morgan exercised tremendous economic power through J. P. Morgan and Company, the nation’s most prosperous private banking house; a railroad empire built by reorganizing bankrupt lines and gaining a controlling interest in many of the nation’s major lines; and the United States Steel Corporation, then the world’s largest business.
One of the first significant government restrictions placed on American industry, the minimum wage permanently altered the dynamic between employer and employee by guaranteeing a basic level of compensation for most workers.
The Mexican War resulted in Mexico ceding an area fromTexas to California to the United States, extending the country to the Pacific Coast and immensely increasing its territorial assets and economic potential.
As the variety of business mergers became more complicated, a new industry arose from businesses designed to provide specialized accounting and legal and financial expertise that would facilitate all manner of reorganizations.
From its earliest beginnings during colonial times to the second half of the nineteenth century, the meatpacking industry in the United States underwent steady development, always moving westward along with shifting human settlement.
By the mid-1950’s, automobiles and drive-in restaurants were part of the American lifestyle. McDonald’s successfully met the need for fast service, low-cost meals, convenience, and a child-friendly atmosphere.