Gilded Age Vs Gilded Age

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The nation’s citizens were successful with the development of businesses and other forms of profit and economy in the early stages of the United States of America. However, successful individuals like Andrew Carnegie, John D. Rockefeller, and J.P. Morgan became highly wealthy and dealt with their money in a variety of ways. Therefore, many affluent people had similar and differing attitudes towards their immense wealth during the late 19th century. The Gilded Age, a term created by American writer Mark Twain, was an era that lasted from 1870 to 1900 in the United States. The time was called such because of how the nation was “gilded,” or covered by the increase in money, but was full of concerning predicaments. During this time period, the…show more content…
Since childhood, he grew up wealthy and was guided into pursuing a financial career and becoming a bank owner, taking after his father, Junius Spencer Morgan. In 1871, in partnership with Anthony Drexel, another major American banker, he founded Drexel, Morgan & Co., their commercial and investment banking institution. The company was later named J.P. Morgan & Co., after the passing of Drexel in 1893. Morgan would invest in the construction of railroads and companies, like General Electric and other major names of the time. In 1901, he purchased Carnegie Steel from Andrew Carnegie for $480 million and combined it with other companies to create “the giant United States Steel Corporation- a $1.4 billion enterprise that controlled almost two-thirds of the nation’s steel production,” becoming the first billion dollar corporation. Among the major investments made, he also assisted the United States economy out of debt and economic issues. In 1907, the country experienced a panic, due to its little-to-no control over the industrial economy. As a resolution to the national issue, “Morgan held a meeting of the country’s top financiers at his New York City home and convinced them to bail out various faltering financial institutions in order to stabilize the markets,” and led Wall Street out of the crisis. He was an ambitious man with a good work ethic and highly business savvy, claiming to “[g]o as far as you can see; when you get there, you'll be able to see farther,” meaning that he was constantly increasing and thriving in his corporation and mainly focused on his affluence. Unlike Carnegie and Rockefeller, J.P. Morgan didn’t share his wealth with individuals or to organizations that wouldn’t make him any profit. Instead, he kept the money he didn’t contribute to big businesses and used it for his own luxuries, like the

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