In an insightful analysis of the causes for the American surge, Whitworth proposed a list that included the relative scarcity of labor; the country’s great natural resources (although he points out that large tracts of the nation were quite barren); the lack of resistance to innovation on the part of workers; fewer barriers to organizing businesses

Carnegie technique: focus on an objective, then cut brutally through any conventions, competitors, or ordinary people who stood in your way.

Pratt hired Gould to survey a tanning site, but was sufficiently impressed that he made him a partner and manager of the projected new tannery. So the pint-sized Gould, barely out of his teens, led fifty workmen into the woods and built virtually a full-scale town, including living and food service quarters, a mule-powered bark crushing plant and c

Morgan was among the first generation of bankers whose clients were primarily private corporations instead of governments, but there were substantial continuities in approach. His mediations among the railroad barons were very much in the tradition of the supranational financial/diplomatic service operated by the Rothschilds and the Barings in midc

The Standard’s commitment to long-distance pipelines was the beginning of the end of the railroads’ dominant role in petroleum transport. Rockefeller began to negotiate what were effectively reverse-rebate arrangements, guaranteeing the roads minimum returns for maintaining their oil-shipping facilities whether or not he used them. The last step in

The Empire had begun life as a fast-freight forwarder, just one of the many companies that Scott and Thomson had created to pick the meatier bones left on the Pennsylvania’s table. Its superb chief executive, Col. Joseph Potts, had built it into a major transportation business in its own right, with a particularly strong position in petroleum. Besi

Like people in any age, as their money incomes went down, they forgot about their new curtains, and tools, and kerosene lamps; as far as they knew, they were getting poorer, and they were mad as hell about it.

Thus not only does democracy make every man forget his ancestors, but it hides his descendants and separates his contemporaries from him; it throws him back forever upon himself alone and threatens in the end to confine him entirely to the solitude of his own heart.

His power was real, grounded in his unique role in channeling the ballooning trove of American savings. One way or another, through control of boards, investment partnerships, or just implicit understandings that a bank’s or an insurance company’s investment committee would follow Morgan’s lead, he and his partners disposed of perhaps 40 percent of