Morgan it all

“While making his fortune, Morgan brought rationality and organization to the national economy. He kept the system stable. He said: “We do not want financial convulsions and have one thing one day and another thing another day.”

In Chapter eleven of “ A People’s History of the United States”, Zinn mentions one of the big names who had formed a monopoly in the late 1800s and early 1900s, J.P.Morgan. Morgan was the son of a banker who sold stocks for railroads, the Union Pacific and the Central Pacific. He made his own wealth by linking railroads to each other, then linking the railroads to banks, and then linking the banks to insurance. At some point, he was in charge of 100,000 miles of railroad and three insurance companies equaling more than a billion dollars in assets. Zinn mentions Morgan along with other big names because as the industry boomed, wealthy American businessmen, as called Robber barons, came into existence.  They became most of the upper class, which the government pretended to have neutrality to maintain order for, but was really serving their interests. In other words, they somewhat marked a capitalist state.