Final answer:
From 1840 to 1900, American business transformed from an unregulated market economy to one dominated by a corporate economy and technological advancements, leading to industrialization, urbanization, and a new reliance on advertising.
Step-by-step explanation:
Between 1840 and 1900, the landscape of American business underwent profound changes. Initially, the economy was a market economy where production and prices were unregulated. However, the rise of corporations and technological advancements led to significant shifts. The United States experienced a transition from an economy dominated by agriculture to one where industrialization played a central role. The advent of commercial electricity and steam engines allowed industries to relocate to urban centers, paving the way for urbanization and mass production.
The latter half of the nineteenth century saw the rise of the corporate economy, where a small number of large corporations began to dominate key industries. This shift from small-scale enterprises to large corporations was particularly evident in manufacturing, mining, and transportation. With this new corporate structure, advertising became crucial, with businesses spending millions annually to compete for customers, leading to the development of professional advertising agencies.
By the close of the century, economic activities were less tied to the land and more to industrial and corporate ventures, resulting in a more capitalized economy with an unequal wealth distribution that led to societal concerns. Hence, the period between 1840 and 1900 marked the transformation from agrarian practices to an advanced industrial economy dominated by powerful corporations.