Thomas Edison, in the 1890s, was a pioneer in electrical development. There's a growing trend of incorporation. This is a response to needs for efficiency and rising levels of productivity. Factories were much larger in productive capacity than a mere 20 years earlier. These capitalists share the risks when they invest their money, and they enjoy the success through rising stock value and dividends.
Steel companies acquire their own coal companies and iron mines.
This required a lot of investment capital. Free trade, which stimulates competition, is the opposite idea. Cartel defenders said monopolization brought stable prices and stable markets. The USA's Anti-Trust Act was passed by congress in 1890, but the courts would not enforce it for decades. Germany did become a net exporter after 1870.