John Pierpont Morgan was born into a wealthy family and received his education at the University of Göttingen, but he made money through several endeavors, namely the railroads, steel and the selling of government bonds. He saved the government from economic disaster on a couple of occasions.
J. P. Morgan began his career in a New York City bank. Unwilling to sit back and enjoy his family's wealth, he became proactive in becoming a financial success in his own right. He formed companies in a number of areas, and he invested in railroads, a decision that proved advantageous for him and the railroad companies he helped finance. He merged his steel company, the Federal Steel Company, with others and established the United States Steel Corporation. He made a tremendous amount of money in this industry. Despite his willingness to bail out the government on two occasions and the successful implementation of both efforts, the government seemed to turn on Morgan in later years. He was investigated for the creation of monopolies in 1912, and his steel company had to give up its monopoly. The government also declared his railroad company in violation of antitrust law. Morgan left America to live in Europe afterward.Learn More
The Industrial Revolution made its way into Japan, China and India in the latter half of the 19th century and the early 20th century, making these countries the last to be affected by the revolution as of 2015. The Industrial Revolution began in Great Britain.Full Answer >
Some positive effects of automation are reductions in operation expenses and increases in production speed, while some negative effects are the initial cost of implementation and the need to train employees to handle an automated system. Depending on various factors, automation may or may not make a business more efficient.Full Answer >
The geography of the Northeastern United States contributed to increasing industrialization in the early 19th century due to the availability of land and natural resources. The need for running water and efficient routes of transportation also had a major effect.Full Answer >
Cornelius Vanderbilt acquired his wealth through shrewd competition in the shipping industry when he owned several steamship lines, and then he owned many powerful railroads that helped make cross-country transportation cheaper and more efficient. At the time of his death in 1877, Vanderbilt was worth an estimated $100 million, a sum equal to $26 billion in September 2014.Full Answer >