Big business is a term which describes companies which do business on a large scale. People may use it to refer to a specific company or to companies which are considered major as a general group. There are also a number of related terms such as “big oil” and “big agriculture." Collectively, major companies around the world have a profound influence on society and there is subsequently a great deal of interest in big business.
What makes a company “big” is not very clearly defined. People usually think of companies which generate very large annual profits, do business internationally, make a large assortment of products, and control numerous subsidiaries when they think of big business. It may also involve a company which dominates an industry. Usually such companies have an extremely large workforce to meet their labor needs, from janitors to corporate officers, and these companies utilize a great deal of energy, raw resources, and other commodities in order to function.
The origins of big business are often credited to the late 1800s, when a number of companies began merging with each other, creating extremely large corporations which dominated the business world. This was a departure from business models in which a number of smaller companies competed for market share. However, some examples are much older than the 1800s; many companies established to exploit natural resources in European colonies, for example, could be considered big business.
In addition to being large, big business also has tremendous clout. These companies have political influence as a result of funding campaigns, paying lobbyists, and underwriting large advertising campaigns. Big business also usually has social influence. Many of these companies, for example, are household names. They can comprise a major part of the economy and in some communities it may be hard to find residents who are not linked with big business in some way, either as employees of companies which do business in their communities, or owners of smaller companies which rely on big business for customers.
Sometimes big business is criticized by people who are afraid that it has become too powerful. It can be difficult for smaller companies to enter some areas of the market as a result of domination by larger ones, for example. Some critics also argue that the sheer size of such companies leads to questionable environmental and labor practices which occur when companies try to cut costs and operate on a larger level.