Explain how J.P. Morgan's financial strategies influenced the economic development of the United States during the Gilded Age.
Instructor solution
J.P. Morgan's financial strategies, including the consolidation of industries and the creation of monopolies, significantly influenced the economic development of the United States. By financing and reorganizing railroads and other major industries, Morgan helped stabilize and grow the American economy. His role in forming U.S. Steel, the first billion-dollar corporation, exemplified his impact on industrial growth and economic consolidation.
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