J. P. Morgan's Impact Of The Industrial Revolution In The Twentieth Century

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In the late nineteenth century and early twentieth century, economics, business, and industry began to change in America and all around the world. Many would credit the Industrial Revolution as a whole to describe the changes that were made in so many different industries in America; however, these changes can be largely credited to only a few different individuals. Many different people made impacts on American economics and society, although much of this change can be credited to three individuals who stood out among the many. John Pierpont (J.P.) Morgan can be credited with financially supporting many different industries, as he was the top banker of his time. Thomas Edison is given credit for many electrical inventions that changed the way people live their everyday lives. Henry Ford was a great industrial innovator who …show more content…

Morgan helped the economy out of a collapse in not only one, but on two separate occasions (J.P. Morgan, n.d.). During a depression from 1893, Morgan helped to form a group of people that would resupply the government’s depleted gold reserve with $62 million in gold to relieve a treasury crisis (J.P. Morgan, n.d.). Also, in 1907, Morgan helped bring together a group of financiers that took in government deposits to give financial relief to major banks and corporations, which gave them the ability to pay off debts (J.P. Morgan, n.d.). By doing this, he helped America avoid an economic crisis from the Stock Market Panic of 1907 (J.P. Morgan, n.d.). Using his unmatched skills in banking and financing, Morgan practically took control of different American corporations and reorganized them to make them more efficient businesses (McColley, n.d.). Morgan had one of the most significant impacts on America’s booming economy in the late 1800s and early 1900s, which has a large impact on society in modernity (J.P. Morgan,

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