A revealing biography of J. P. Morgan, one of the most powerful and enigmatic financiers in history, from bestselling author Frederick Lewis Allen.
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Celebrated as a titan of industry by some and decried as a monopolizing robber baron by others, John Pierpont Morgan was without a doubt a dominant player in American finance at the turn of the twentieth century. He founded U.S. Steel, a conglomeration of leading steel and iron producers, which was the nation’s largest coast-to-coast railroad system, and the first company to be worth more than $1 billion.
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Morgan was also instrumental in developing the Federal Reserve after working with political leaders to prevent a potentially devastating fiscal crisis in 1907. Indeed, he was a driving force in the modernization of American business, and the effects of his acumen and foresight continue to resonate today—on Wall Street and beyond.
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Additionally, known for his displays of wealth and power, Morgan was a prominent figure of the New York society scene—a member of the original one percent—as well as a notable art connoisseur with a sizable collection now housed in Manhattan’s lavish Morgan Library & Museum, once his own private library.
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In this meticulously researched and comprehensive biography, Frederick Lewis Allen, former editor of Harper’s magazine and author of Only Yesterday, delves into the life and character of a fascinating, multidimensional man. Allen also probes the evolution of the business landscape during Morgan’s lifetime, when giant corporations with unparalleled economies of scale began to absorb and replace smaller competitors.
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This richly detailed portrait of a man whose name is inseparable from American finance is essential reading for anyone seeking a deeper understanding of banking and business history.
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Celebrated as a titan of industry by some and decried as a monopolizing robber baron by others, John Pierpont Morgan was without a doubt a dominant player in American finance at the turn of the twentieth century. He founded U.S. Steel, a conglomeration of leading steel and iron producers, which was the nation’s largest coast-to-coast railroad system, and the first company to be worth more than $1 billion.
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Morgan was also instrumental in developing the Federal Reserve after working with political leaders to prevent a potentially devastating fiscal crisis in 1907. Indeed, he was a driving force in the modernization of American business, and the effects of his acumen and foresight continue to resonate today—on Wall Street and beyond.
Â
Additionally, known for his displays of wealth and power, Morgan was a prominent figure of the New York society scene—a member of the original one percent—as well as a notable art connoisseur with a sizable collection now housed in Manhattan’s lavish Morgan Library & Museum, once his own private library.
Â
In this meticulously researched and comprehensive biography, Frederick Lewis Allen, former editor of Harper’s magazine and author of Only Yesterday, delves into the life and character of a fascinating, multidimensional man. Allen also probes the evolution of the business landscape during Morgan’s lifetime, when giant corporations with unparalleled economies of scale began to absorb and replace smaller competitors.
Â
This richly detailed portrait of a man whose name is inseparable from American finance is essential reading for anyone seeking a deeper understanding of banking and business history.
