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Was Jp Morgan A Robber Baron Or A Captain Of Industry

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A robber baron is described as a person, most likely a businessman, who handled their power to progress industrial monopolies, obtaining power from politics, and finally gaining wealth in the process. Whereas, a captain of industry is recognized as a business leader who contributed positively to their own country. Many questions asked, an important one is, “Are Cornelius Vanderbilt, J.P. Morgan, Andrew Carnegie, and John D. Rockefeller, robber barons or captains of industry?” During the nineteenth century, there were many methods in which the following business men used. For an example, monopoly, a hand in politics, or other unusual business practices. In result of this happening, it indeed changed the life of Americans, made unions emerge, …show more content…

"J.P. Morgan (1837-1913)." Ed. Richard Balkin. Almanacs of American Life: Victorian America. New York: Facts on File, Inc., 1996. 247. Print.) during the late nineteenth and early twentieth centuries. Instead of going down into history as a robber baron, J.P. Morgan is known as a captain of industry for using his character as a financial genius for the greater good. In the wake of the Panic of 1893, U.S. gold reserves majorly depleted, resulting in a temporary stock market crash. He played a role in “helping to reorganize large government deposits and he helped to preserve the solvency of several major banks and corporations” (Aeysha. "JP Morgan Robber Baron or Captain of Industry." History. N.p., 27 Nov. 2007. Web. 12 Apr. 17.). After Morgan cited an 1862 statute that gave the Secretary of the Treasury the ability to successfully pull of a transaction, without the Congress’ approval, the trembling economy started to stabilize in early 1895. Furthermore, Morgan had a conspicuous establishment, J. Pierpont Morgan & Company, which was founded by the means of being a philanthropist. After finishing his education in 1857, J.P. Morgan was in New Orleans for business when coincidently, he came upon a captain’s ship with a countless amount of coffee and no buyer. Instead of moving along and not showing interest, “Morgan used his company’s funds to purchase the coffee, and then sold it to local merchants for a profit” (J.P. Morgan." The Biography.com. Ed. Biography.com Editors. The Biography.com website. A&E Television Networks, 9 Jan. 2017. Web. 14 Apr. 2017.). With the company becoming “one of the leading baking houses of the world” (Shifflett, Crandall. "J.P. Morgan (1837-1913)." Ed. Richard Balkin. Almanacs of American Life: Victorian America. New York: Facts on File, Inc., 1996. 247. Print.), John

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