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Was j p morgan a captain of

A Tale of Today. During the Gilded Age, which was part of the Second Industrial Revolution, the country underwent an impressive economic expansion.

  • He did well academically and was invited to stay as a junior fellow but chose to go straight into business with Duncan, Sherman and Company;
  • Captains of Industry and Robber Barons The wealthy elite of the late 19th century consisted of industrialists who amassed their fortunes as robber barons and captains of industry;
  • In 1862 he set up his own company, Dabrey Moran, and made a fortune supplying the participants in the US civil war;
  • Morgan played the role of the modern venture capitalist who might sit on the board of a company and actively manage an investment.

Much of this growth was courtesy of railroads, which now spanned from coast to coast, as well as factories, steel, and the coal mining industry. Big business boomed, with technology such as typewriters, cash registers, and adding machines helping to transform how work was done. The economic explosion included not only industrial growth but also a growth in agricultural technology such as mechanical reapers.

With this rapid growth came the rise of a class of extremely wealthy individuals who made up a very small percentage of society. Many of these individuals made their fortune through greed, corruption, and a lack of government regulations. Captains of Industry and Robber Barons The wealthy elite of the late 19th century consisted of industrialists who amassed their fortunes as robber barons and captains of industry. Both can be defined as business tycoons, but there was a significant difference in the way that they made their fortunes.

Robber barons typically employed ruthless and often questionable methods such as using predatory practices to eliminate their competition and develop a monopoly in their industry. Often, they had little empathy for workers.

Captains of industry, however, were often philanthropists. They made their wealth in a way that would benefit society, such as providing more jobs or increasing productivity.

J.P. Morgan

Rockefeller Born in 1937, John D. Rockefeller became one of the richest men in the world as the founder of the Standard Oil Company.

Standard Oil dominated the oil industry, controlling roughly 90 percent of the refineries and pipelines in the United States by the early part of the 1880s.

Unfortunately, he has also been accused of predatory behavior that would eliminate his competition, and his Standard Oil Corporation was the first example of a U.

  • Other organizations created by Ford included the 80-acre Valley Farm for orphaned boys, a school for African-American children in Georgia, and a Detroit trade school;
  • During the Civil War Pierpont financed a deal for Arthur Eastman to purchase obsolete rifles from the US government, which Eastman modified and improved, and then sold back to the government at six times the original purchase price Chernow 21;
  • He created a monopoly by slashing the workforce and their pay in order to maximize profits while eliminating the competition;
  • When John Pierpont, or JP, is a child, Junius has him handle a million dollars in cash so he knows what it feels like;
  • In addition, during a time when workers were required to work ten hours a day, six days a week, Ford scheduled his workers for eight-hour days, five days a week.

Andrew Carnegie Andrew Carnegie and his parents immigrated to the U. He built his fortune by investing in the steel industry and became the owner of Carnegie Steel Company, which by 1889 was the largest steel company in the world. Unfortunately, Carnegie engaged in tactics that were not in the best interests of his workers. In 1892, he attempted to lower worker wages at one of his steel plants, an act that resulted in the Homestead Strike and numerous deaths. Despite this action, Carnegie was extremely active in terms of philanthropy.

Morgan John Pierpoint Morgan was a financier from a wealthy family and is considered to have been a robber baron by many. He also created the first billion-dollar company, U. At one point in his life, he was a board member of as many as 48 corporations.

  1. Later, a congressional committee notes this but a federal judge upholds the deal and Morgan is exonerated.
  2. He showed an excellent nose for profit at this trading company, as well as a strongly independent streak.
  3. It will dominate the steel business for almost a hundred years. Robber barons typically employed ruthless and often questionable methods such as using predatory practices to eliminate their competition and develop a monopoly in their industry.
  4. John Pierpont Morgan was the most innovative and influential captain of industries the US has ever seen. It allows Morgan, in 1901, to create US Steel, the first billion dollar company in history.

He was believed to head a money trust that controlled the banking industry and was commonly considered a figurehead of Wall Street. He created a monopoly by slashing the workforce and their pay in order to maximize profits while eliminating the competition. When confronted with the possibility of regulations that could threaten his bottom line, he and other robber barons of the time contributed money to ensure that their candidate, William McKinley, was elected president in 1896.

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Despite the numerous negatives associated with how J. Morgan built his wealth, some of his actions did benefit society. He helped bail out the federal government twice during an economic crisis, first in 1895 and again in 1907. As a result, this financier is also considered to be a captain of industry by some.

Henry Ford Automaker Henry Ford was a captain of industry who treated his workers fairly well. He believed that well-paid workers would be happier and more efficient. In addition, during a time when workers were required to work ten hours a day, six days a week, Ford scheduled his workers for eight-hour days, five days a week.

  1. He also took on board a collection of lovers. He showed an excellent nose for profit at this trading company, as well as a strongly independent streak.
  2. Captains of industry, however, were often philanthropists.
  3. During the Gilded Age, which was part of the Second Industrial Revolution, the country underwent an impressive economic expansion.
  4. A running battle began with the US government, which certainly won the public relations war.

Ford greatly disliked institutional charity, but he did contribute personal funds to organizations that he created, such as the Henry Ford Hospital for the working poor who could afford to pay some of the cost of their medical care. Other organizations created by Ford included the 80-acre Valley Farm for orphaned boys, a school for African-American children in Georgia, and a Detroit trade school. He also was part of a peace ship to Europe that hoped to put an end to World War I, and he paid for work camps for boys during the Great Depression.

Ford was not considered to be a robber baron, but he was anti-Semitic, and his anti-Jewish commentary helped to legitimize such sentiments.