This website uses cookies to ensure you have the best experience. Learn more

John Pierpont Morgan's Powerful Empire And Enduring Legacy.

2288 words - 9 pages

The Industrial Era was the age of entrepreneurs and monopolies, power and wealth, haves and have-nots, in which a few thrived and feasted on the barely-living. The powerful men that controlled the business environment through the turn of the 20th century have set the standards for the business leaders of today. Andrew Carnegie, John D. Rockefeller, and John Pierpont Morgan also created controversy over how much power one person should be able to have in a capitalist economy. The world's most powerful banker at the time, J.P Morgan was seen physically and tactically as the human incarnation of authority and used it to change the economy in America. Although the power J.P Morgan accumulated during his status as 'most powerful financier' led to the enforcement of the Anti-Trust Laws, his personal character and business acumen have influenced America's financial and philanthropic standards, even today.J.P Morgan was a significant factor in advancing the American economy to its high standard. He actually saved the country from crisis at various times and prevented the economy from turning into a depression. His major influence came with the banks and United States, and how he changed the way the government thought about controlling money. His first show of power and importance was, "During crisis, Morgan loaned vast amounts of money to several banks to keep them from closing" (Levinson 35). That act alone proved his vital importance to American Society. The legacy he left was not just an ideological one, but led to many visible changes: "...this man played roles now assumed by the Federal Reserve, the Securities and Exchange Commission, [and] the Treasury"(Samuelson 247). During the economic crises, Morgan showed the world that a free market, which has little control, may need an individual with enough power and the perceptive discipline, to prevent disaster. The banks required money, but what the government needed was a new method for preventing future economic crises. In the panic of 1895, Morgan used his business robustness to save the treasury: "When government's gold reserves fell rapidly, Morgan replenished them with a 65 million dollar loan" (Samuelson 249). This act to save the country from depression sustained positive and negative reactions from the American public and Congress. Yet, the fact that it was a loan, requiring reimbursement with interest, proves that he still only acted upon a situation if it contained potential profit for himself. On one hand, "The effect of his intervention leads Congress to consider establishing what would become the Federal Reserve" (Dalzell 119). On the other hand, the public questioned whether a man should be able to have enough resources to have leverage with a democratic government. This viewpoint left a negative view of J.P Morgan, although it is true that he was known to have said "A man always has two reasons for doing anything - a good reason and the real reason" (Dalzell 101). The real...

Find Another Essay On John Pierpont Morgan's Powerful Empire and Enduring Legacy.

The Legacy of JP Morgan Essay

3859 words - 15 pages emergence of international banks to supplant the "House of Morgan" in the new era. It is no question though, that "John Pierpont Morgan was one of the most influential figures in the rise of U.S. banking,"(Hughes 23) and the early survival of the U.S. economy. J.P. Morgan was born in 1837, and similar to many of his peer contemporaries, he was born into a family rich in legacy. Both the Pierpont and the Morgan family had notable ancestry

JP Morgan Essay

1051 words - 5 pages 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

J.p Morgan

2048 words - 8 pages , Sherman & Co. ( Mac MillanProfile.152 ). As he began his career he worked as a clerk, he learned the selling andbuying of shipments aswell as how to run operations of shipments. In months he movedup into head financier in shipping docks due to producing quality work and theknowledge he had about managing business. If it was not for Morgan's hard work anddedication, our business leader would not have a heroe to look up to and learn from

Ancient Civilizations

772 words - 3 pages not allowed to vote at all. Speaking your mind against someone with more pull than you could also get you put to death. A death penalty for speaking your mind and presenting new ideas is definitely not democratic.Why did the Greeks leave such an enduring legacy for western civilization?The Greeks left an enduring legacy for western civilization because they founded or invented so many things that are still useful today. Their policies and ideals

This essay can be used as a book report of My Place, by Sally Morgan, or as an example of written history vs individual memory

1787 words - 7 pages people. What did it mean for someone like me? [1]By delving into her family's past and eliciting the personal histories of her mother, grandmother and great-uncle and incorporating them into her autobiography, Sally Morgan is claiming the dreadful legacy of culture contact between white and Aboriginal Australia as integral to her identity as an Aborigine. For, as Berndt says:the history of Aboriginal people... is... not something that can be

The Labor Union


The Rule of Huayna Capac

1122 words - 5 pages “Leadership is influence”. (John C. Maxwell) Huayna Capac believed in leading by intentionally enforcing the Incan traditions and way of life to anyone who encountered them. Huayna was the son of Topa Inca Yupanqui (1471-1493), an Incan King who led a massive expansion of the Incan Empire, spreading it towards the Tahuantinsuyu or land of four quarters. The newly conquered domain was so colossal that it dispersed deep into the Amazon forests

Thomas Jefferson's Louisiana Purchase Advantages and Disadvantages - History 1301 - Signature Assignment

1226 words - 5 pages spot the possessor which is our natural and habitual enemy," described Jefferson (Boyer, Clark, Halttunen, Kett, Salisbury, Sitkoff, Woloch. The Enduring Vision: A History of the American People. Boston. Houghton Miffin,2004). Napoleon Bonaparte had plans to build a French empire in the new world. Dispatching an army to reassert the French control and reestablish slavery, Bonaparte's army was Herrera 3 destroyed from the yellow fever and fierce

The OK Corral

3334 words - 13 pages the OK Corral, in which Frank and Tom McLowery and Billy Clanton were cut down in 30 second of gunfire. Virgil, Morgan Earp and Doc Holliday were wounded, the latter carrying a sawed-off shotgun no bigger than a horse pistol in length. Ike Clanton and John Ringo skeeddaddled off into the cactus of Old Mexico, while Wyatt rode down and gunned to earth several other of the rustling empire. Old Man Clanton got his when Mexican caught him stealing

"How do Morgan's (1986) images enable managers to understand their organisations more fully and motivate the people who work within them?"

2028 words - 8 pages Morgan's Metaphors and Motivation.In this essay, we will get to know Maslow's Metaphor's and how he uses them in comparisons towards organisations. The essay itself talks about four of Morgan's Metaphor's and will go in depth with two particular metaphor's; Brain and Culture. Within this essay, you will understand what the two metaphor's are, why I chose the metaphor's in general and how they relate towards motivation amongst other theorist such

The Glorious Mansa Musa

694 words - 3 pages declined following his demise and Mansa Musa was forgotten with time. If he had been a white christian, it is certain that his legacy would be just as well known King Arthur’s. Works Cited Coleman De Graft-Johnson, John. "Musa (emperor of Mali)." Encyclopedia Britannica Online. Encyclopedia Britannica, n.d. Web. 05 Nov. 2013. Khiar, Zulkifi. "MuslimHeritage." Muslim Heritage. Foundation for Science Technology and Civilization, 2003. Web. 11 Nov. 2013. "Mali Empire and Djenne Figures." Mali Empire and Djenne Figures. National Museum of African Art, n.d. Web. 05 Nov. 2013.

Similar Essays

Andrew Carnegie, John Davison Rockefeller, And John Pierpont Morgan: Captains Of Industry

905 words - 4 pages the United States’ economy, but society as well. Andrew Carnegie, John Davison Rockefeller, and John Pierpont Morgan reflect the mammoth industrial age of America. Although some may argue these industrialists were “robber barons,” these men were, in reality, “captains of industry” utilizing modern business practices and technology which provided both cheap products and job opportunities for the public, as well as becoming large-scale

17th Century China: An Influential And Powerful Empire This Essay Was To Be One That Compared Two Major Empires From The 17th 18th Century And How Significant They Were To The West And The World

1694 words - 7 pages There were many different stable and wealthy empires in 1680, filled with flourishing economies and powerful leaders. As an influential and growing empire, China was deemed to be the strongest among the many other nations that existed in the 17th century. In order for acountry to be truly successful and powerful, it must meet certain criteria. An empire must be unified, led by a strong government that satisfies its people's needs. To meet those

Jp Morgans Life Story Essay

1354 words - 5 pages understand how America rose to superpower status in back to the legacies of our industrial founding fathers, primarily J.P. Morgan. J.P. Morgan's legacy left a strong impact upon American economics, which has lasted for the past century.J.P. Morgan's legacy left a strong impact upon America economics, which has lasted for the past century. John Pierpont Morgan was born intended to be a powerful leader. His father played a huge part in pushing him

J.P. Morgan And Ragtime Essay

1226 words - 5 pages John Pierpont Morgan: The turn of the century in American, when E.L. Doctorow’s novel Ragtime is set, was a time marked by rapid technological developments and industrialization. These years also brought a heavy flood of immigrants as well as an increasingly urban American landscape. Technological advancements enabled increased efficiency and mass production. However, Doctorow clearly brings into question the consequences of this new technology