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J.P. Morgan; Captain of Industry or Robber Baron?
Transcript of J.P. Morgan; Captain of Industry or Robber Baron?
History of J.P. Morgan
J.P. Morgan was born on April 17, 1837 in Hartford, Connecticut. Rags to Riches wasn’t found in him, as him family was wealthy from fame in all different categories of work. He was able to travel and enjoy his lifestyle in school. After graduating high school (Boston 1854) he went to Europe where he learned French and German. After studying in Europe, he moved to New York in 1857 to begin in a finance career. He formed a partnership with Anthony Drexel and soon their company was known as J.P. Morgan & Company. As Morgan built their business, he wanted order and process, which got him to be the wealthiest man of the time.
Innovations and Industry
Morgan treated his workers very poorly, many of his workers were unskilled industrial laborers. They worked long hours...on average they worked 60 hours a week and they were paid only 10 cents an hour! He thought of them as lower class people. However, Morgan was a fan of order and process. Even though his workers were treated poorly he made sure tasks were being completed and what he was doing in his factory helped America.
J.P. Morgan helped America in times of financial crisis, he loaned money to the government and other businesses in times of debt. He was very much into art as well. He would always buy paintings, sculptures, and self portraits. He soon would donate his artwork to the Metropolitan Museum of Art. Morgan was looked up to as a historic investor, philanthropist, and art collector.
J.P. Morgan was a Captain of Industry, because throughout his career he helped America financially in times of need. He helped struggling businesses and railroad companies, and throughout the process he also made millions. He soon became the wealthiest man of the time. The information given proves he is a Captain of Industry because a Captain of Industry is defined as; someone who is an ingenious and industrious leader who transformed the American economy with their business skills. They were praised for their skills, as well as their philanthropy. People looked up to J.P. Morgan and believed he was a very intelligent man due to his success and charitable donations in finance. "He was the most powerful figure in finance and industry during the industrial age."
Captain of Industry or Robber Baron?
Morgan bought out Andrew Carnegie and set up the first billion-dollar corporation, U.S Steel. He controlled the economy with the assets invested in his financial empire. When America was in times of crisis and debt J.P. Morgan would help stabilize U.S financial markets. For example, he assisted in rescuing America’s gold standard, which lead to loaning America more than $60 million! Also, he held a meeting with the country’s top financiers at his New York City home and convinced them to bail out various faltering financial institutions in order to stabilize the markets. Another major thing he did was lead Wall Street out of the 1907 financial crisis. Morgan financed railroads, helped organize U.S Steel Co. and General Electric Co., and he saved America in major finanical incidents.
Created by Madi Scariano