Andrew Carnegie, John Davison Rockefeller, and John Pierpont Morgan: Captains of Industry

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In the years following the Civil War, the American economy was suffering from extreme disorder. However, during the late 1800s and early 1900s, important leaders of American industry arose, essentially transforming the American financial system from chaos to efficiency. These powerful men shaped America into a world superpower and the country’s economy sparked jealous across the globe. Their contributions to business positively affected not only 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 …show more content…
His goal was to spread efficiency and organization throughout every company he owned and operated. Through Rockefeller’s efforts, the chaos of the oil industry was transformed into order and stability. His influence in this industry led to the creation of a myriad of products for the public which only bettered their ways of life. Similar to Carnegie, Rockefeller also fostered lower prices for oil, making light cheap and available to the public as the oil was mainly utilized in kerosene lamps. His Standard Oil Company served as precursor of America’s economic success both at home and on an international level.
Morgan, along with Carnegie and Rockefeller, worked to make the American economy organized and systematic. In fact, Morgan effectively bailed out the American financial system two times. At one point, the U.S. Treasury seemed on the brink of failure as it “didn’t have enough gold in reserve to meet its bills” (27). J.P. Morgan provided the nation with $62 million, saving the American economy. Later on, the nation faced a financial problem, so destructive that it could have led to a depression. The situation was so horrific that a trust company nearly collapsed, which would have promoted widespread panic. Morgan convinced several of the nation’s foremost financers to lend money in an effort to save the trust, in turn saving the country from a financial catastrophe. Morgan is also infamously known for creating successful companies from failing
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