Was J.P. Morgan a Captain of Industry or a Robber Baron?

Only available on StudyMode
  • Download(s) : 11007
  • Published : December 20, 2012
Open Document
Text Preview
Was J.P. Morgan a Captain of Industry or a Robber Baron?

In the early nineteenth century the USA was very corrupt. It was a time were monopolistic businesses thrived, and small ones failed. In this time was when J.P. Morgan became the man controlling the most money in the world and ended up owning at his peak, forty companies. In the early nineteenth century J.P Morgan was both a Captain of industry and a Robber Baron.

J.P. Morgan was considered by many a robber baron, and there are many reasons for this. Pierpont was the richest man in the world in the early nineteenth century, he got to that position by doing things that nowadays would be considered as shady. He owned the biggest monopolistic business ever owned, that means that for example to make an object, he owned the raw materials, the companies that made the object, and the transport to get it to the market. This gives the individual too much control over the economy, since if an opposition came up he would just lower the prices for a while, and when the company went bankrupt he would raise the prices again. Pierpont always got what he wanted, he had a very gruff character and he was very imposing. Pierpont had a disease that made his nose grow, apparently it got to be as big as a potato, this scared many people, and he knew it. Pierpont saved the country’s economy twice, but he did it by manipulating people, including the president himself, and got huge profits and influence by doing it, isn’t that corrupt, he basically forced the president to give him that power, and it took a long time to take it away. “He locked the presidents of these two companies in his yacht and wouldn’t let them leave until they came up with a compromise”, this is an example of how imposing Pierpont could be, he forced people to do what he wanted, isn’t that a crime?

J.P. Morgan was considered, and is still considered a Captain of Industry. "And to think he wasn't even a rich man." Pierpont was not the richest man in the...
tracking img