Morgan: American Financier by Jean Strouse

Originally published back in 1999, I've had this book on the shelf for nearly that long.  Given my current study of the 19th century it seemed the perfect time to learn the economics of the industrial revolution and no better way to do so than with an understanding of J.P. Morgan.

Much like Andrew Carnegie, Cornelius Vanderbilt and John D. Rockefeller, Morgan amassed great wealth by helping build the infrastructure of American commerce that defined the industrial revolution.  But Morgan's wealth would pale in comparison to the wealth of those "robber barons".  After Morgan's death and the subsequent publishing of his estate as worth $80 million, Rockefeller was quoted as saying "And to think, he wasn't even a rich man!"

Morgan saw his work as much more than amassing wealth for himself.  His father instilled in him a sense of contributing to the American cause, not only by helping industry grow, but by helping to stabilize its economy during times of economic strife.

Long before the Central Bank existed in the U.S. Morgan played the role of "lender of last resort" during recession, depression and economic collapse.  Morgan was the only financier with the connections, relationships, clients and trust to deliver massive financial relief to banks and businesses on the edge of insolvency, saving the American economy.  He did so on multiple occasions.

But because Morgan could bring such massive economic resources to bear, he suffered great criticism from the public and the media.  Just because he had the ability to act nefariously, he was demonized.

Beyond saving the U.S. from economic calamity, Morgan funded the creation of some of the most important developments in American history: The first transatlantic cable, Edison's electric company, railroads, steel and so much more.  Without Morgan, these industries would have taken decades longer to develop.  Without Morgan, the industrial revolution would have been postponed to the 20th century and the U.S. could not have played it's crucial roles in both WWI and WWII. 

For all of his critics, the world would be vastly different if Morgan had never existed.