ABSTRACT
Trade is the forerunner of business. Trade in the Middle Ages, epitomized by an increased manifestation of merchant families and a mindset of mercantilism, in which the main objective of trade was identified to maintain a favorable trade balance. As the eighteenth century was approaching its last few decades, business was entering a new era where hand production was replaced with machine processing. The Industrial Revolution is particularly known for the increase of per-capita economic growth it instigated in capitalist economies, marking a new milestone in human history. And while productivity was on the rise, production costs decreased, thanks to those advanced, efficient, and effective machines. The American Revolution is closely linked to corporate growth. As the twentieth century advanced, corporations continued their expansions through mergers and acquisitions, and one can see manufacturing as well as trading entities spreading beyond local borders.
