Word: moderns
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Dates: during 1990-1999
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...Rubinstein and Mary Kay Ash--also flourished as entrepreneurs. And although this issue includes an article on an influential black entrepreneur, no people of color make our Top 20. Through most of this century, American business has been dominated by men, white men, despite more than 25 years of modern feminism and some ambitious corporate efforts to achieve racial equality. The next century will certainly be different, although I don't see meaningful change coming soon enough. Yes, our sister publication FORTUNE recently assembled a credible list of the 50 most powerful women in business. But only two women head...
...titan of the 19th century who helped set the stage for the 20th (see following article), acted in his day as a cross between today's Federal Reserve Board and the Goldman Sachs' mergers-and-acquisitions department, providing the money and acumen needed to launch the prototypes of modern industrial corporations. Under Morgan's leadership, this century began much as the 19th century ended, with heavy industry--steel, rails, electricity, and oil--ascendant. Automobiles were in short supply until 1913, when Henry Ford introduced the assembly line and mass production, making ours a consumer as well as an industrial society...
...couldn't abandon the money chase. "Put all your eggs into one basket," Carnegie once advised, "and then watch that basket." For him that basket brimmed with steel. Fiercely competitive, obsessed with innovation and efficiency--he would unhesitatingly scrap a relatively new plant to erect a more modern one--Carnegie imported the Bessemer forced-air steel process to America. Such innovation permitted him to reduce the price of rails--the product that initially drove the industry--from $160 a ton in 1875 to $17 by 1900. His steel furnished the sinews of America's burgeoning towns and factories...
...America's households now invest, compared with only 16% in 1945, and mutual funds alone hold more of America's financial assets than banks do. Indeed, a strong argument can be made that the small investor, far more than the professional trader, is the true foundation upon which the modern bull market has been built...
...other people--mutual-fund pioneer Ned Johnson at Fidelity Investments and discount broker Charles Schwab, to name two--who over the course of the next 40 years helped push Wall Street and Main Street closer together. Yet for all their innovations, they remain at bottom Merrill's heirs. Their modern investing mantra is the same basic message he preached so many years ago-- that people should invest for the long haul; that they should have a clear understanding of the companies they are buying; that despite the hair-raising ups and downs, stocks have historically outperformed every other form...