America’s Industrial Expansion period of the 1800’s left a legacy for the modern world today. This legacy not only included new types of industry and business techniques, but also included a list of notable and impactful individuals who contributed to America’s industrial empire.
Among this list of individuals is John Pierpont Morgan. Born in Hartford, Connecticut on April 17, 1837, J.P Morgan was introduced to the banking industry at an early age. His father, Junius Morgan ran a widely, successful banking business in which J.P Morgan would eventually inherit. To prepare his son for this responsibility, Junius Morgan ensured J.P.’s education by sending him to the English High School of Boston, a strong institution specializing in business mathematics. Later, J.P. Morgan would attend Germany’s prodigious University of Göttingen.
After working at Peabody, Morgan and Company (his father’s London banking branch) and gaining experience as an accountant, J.P. Morgan relocated to J.S. Morgan & Co’s American branch in New York City. Here, he became an representative for his father’s firm. In 1864, J.P. Morgan’s assiduous determination paid off, as he became an member of great influence at Dabney, Morgan and Co. Soon, in 1871, he struck a partnership with the distinguished Philadelphian Drexels to form the new firm of Drexel, Morgan & Co. This firm was later renamed J.P. Morgan & Co. and recognized as the most prestigious and influential institutions of finance in the world that executed numerous consolidations and reorganization. As America’s Industrial Expansion period hit it’s peak, J.P. Morgan established himself as a top banker and financier.
J.P. Morgan took advantage of an eclectic range of business strategies to rise in power...
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...the most diverse and valuable in America. He later donated it to the American Museum of Natural History.
Yes, J.P. Morgan used questionable business practices. Yes, he did create industrial monopolies. But he paid back America through millions of dollars towards schools, museums, and hospitals. Not to mention he saved America’s economy from the panic of 1907. Today, America’s business are stronger both organizationally and structurally because of Morgan’s tactics. Without a doubt, J.P. Morgan deserves to be a Captain of Industry.
Works Cited
History.com Staff. "J.P. Morgan." History.com. A&E Television Networks, 2009. Web. 19 Mar. 2014.
"John Pierpont Morgan - People of Connecticut." John Pierpont (J.P.) Morgan - People of Connecticut. N.p., 27 June 2013. Web. 19 Mar. 2014.
"J.P. Morgan Biography." Bio.com. A&E Networks Television, 2014. Web. 19 Mar. 2014.
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During the 1800’s, America was going through a time of invention and discovery known as the Industrial Revolution. America was in its first century of being an independent nation and was beginning to make the transition from a “home producing” nation to a technological one. The biggest contribution to this major technological advancement was the establishment of the Transcontinental Railroad because it provided a faster way to transport goods, which ultimately boosted the economy and catapulted America to the Super Power it is today.
The banking industry is under pressure in today’s business climate. Banks have been through big changes. There is opportunity, but there is also increasing competition. To be the preferred bank means changing “good enough” into a unique value proposition. And that means changing the way people have always done things, change on this level requires cutting edge technology. Change cannot be achieved with a simple directive or surface adjustment especially within the banking industry. It requires an innovative rethink of the entire system, in a strong partnership between bank leaders and their change agents. New systems and policies must support the strategy to be successful. The real test of a good strategy implementation plan is whether the people understand the strategy, are motivated and enabled to implement it, and actually start achieving its goals.
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Lubar, Steven." Engines of Change: The American Industrial Revolution 1790-1860." Smithsonian Institution. http://www.si.sgi.com/organiza/museums/nmah/homepage/docs/engin10.htm ( 1986).
The first key player in the American industrial revolution was Francis Cabot Lowell. In 1810, in Waltham, Massachusetts, Lowell was responsible for building the first American factory for converting raw cotton into finished cloth. Large factories were built along the river to house the new water driven power looms for weaving textiles. At the same time that more factories were built to keep up with the growing demands of the consumer, the numbers of immigrants to the United States grew (Kellogg). This new labor force could be employed with even less pay and provided with a much lower standard of housing. This in turn increased the profit margi...
Meyer, David R. The Roots of American Industrialization. N.p.: JHU, 2003. N. pag. Google Books. JHU Press. Web. 29 Sept. 2013
Among the many changes during the Gilded Age, large corporations became powerful forces in American society. New technologies in communication and transportation allowed for a national marketplace and fueled industries including the railroad and telegraph grids. The wealth of this expanding industry became increasingly concentrated in the hands of a relative few. Often by gaining a monopoly in their respective markets, these “Robber Barons” amassed wealth and notoriety, making names for themselves that remain recognizable even today like Carnegie, Vanderbilt and Rockefeller. In 1890, the Sherman Anti-Trust Act was passed to combat these large trust-based monopolies as the power of the large corporations invited abuses of government and individuals (America’s Library).
John D. Rockefeller, born on July 8, 1839, has had a huge impact on the course of American history, his reputation spans from being a ruthless businessperson to a thoughtful philanthropist (Tarbell 41). He came from a family with not much and lived the American dream, rising to success through his own wit and cunning, riding on the backs of none. His legacy is huge, amassing the greatest private wealth of any American in history. Rockefeller’s influence on our country has been both a positive and a negative one, he donated huge sums of money to various public institutions and revolutionized the petroleum industry. Along with all the positives to the country, Rockefeller also had many negative affects as well, including, by gaining his riches by means of a monopoly, often using illegal methods, by giving others a reason to frown upon capitalism, and by hurting smaller businesses.
He made sure he was the one controlling all of his prices, and no one else could raise prices and take away part of his profits. An example of this is his merger with Henry Clay Frick’s Coke company. He started with about eleven percent of the company, but soon owned over half of the company (Rags).