WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rockefeller
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Morgan
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Carnegie
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All of them
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Detailed explanation-1: -As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was the driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.
Detailed explanation-2: -J.P. Morgan was known for reorganizing businesses to make them more profitable and stable and gaining control of them. He reorganized several major railroads and became a powerful railroad magnate. He also financed industrial consolidations that formed General Electric, U.S. Steel, and International Harvester.
Detailed explanation-3: -Morgan helped to bail out the United States several times, including in 1895 when he was instrumental in saving America’s gold standard and arranged loans to the federal government totaling more than $60 million.
Detailed explanation-4: -Pierpont builds his reputation as a leader in railroad investments, the largest and most dynamic American industry in the years after the Civil War. The firm is rechristened J.P. Morgan & Co.