MG developed and flourished in the generally favorable climate of the late period of the Gründerjahre--the period, beginning in 1871, of rapid industrial expansion in Germany. In the company's first ten years, its capital was raised to 6 million marks and the dividend payments were between 7 and 33 percent. From the outset MG had proved exemplary in its social provisions. For example, a pension fund was established for employees long before this became a legal obligation. The founder of MG's social policy was legendary. He founded numerous institutions, using the anonymity of the holding company, the Institut für Gemeinwohl, which were concerned with research into social questions and with providing practical assistance. The feeling that those involved in the business world generally lacked grounding in academic background knowledge in commerce, economics, and social sciences led him to found the Akademie für Sozial-und Handelswissenschaften. The University of Frankfurt would emerge from this academy, once again backed by Wilhelm Merton's strong personal and financial involvement.