After the Second Industrial Revolution, it became common for businesses to be set up as trusts. A trust is a large grouping of businesses, which operate in a similar way to a corporation. Consolidation was another process that became popular around this time. Consolidation refers to the buying and acquiring smaller companies by larger ones. Both of these processes played an important role in the growth of businesses. By controlling a large share or the market, they allowed businesses to become larger and more powerful. Eventually, they also allowed monopolies to develop and millionaires to arise.
