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J. P. Morgan is one of the most famous bankers in world history. He built his empire in the late 19th century, and the development of the railroad system in the United States helped him. In particular, Morgan reorganized and consolidated railroad companies that were in weak financial conditions (History.com Editors, 2019a). That strategy allowed him to gain control over approximately one-sixth of America’s rail lines and the stock of his companies. John Rockefeller built his empire in the oil industry by founding a refinery, Standard Oil. One of the wealthiest people in US history created a monopoly in the industry, and critics stated that he relied on unethical practices to achieve his goal. Finally, Cornelius Vanderbilt earned a fortune in the shipping and railroads industries in the 19th century. Vanderbilt achieved significant success in the steamship business and later entered the railroad industry (History.com Editors, 2020). This businessman led aggressive competition wars to promote the growth of his empire.
It is challenging to state for sure whether the three men could have succeeded at a different moment in history, but it is possible to make a guess. For example, Morgan could have benefited during the boom of commercial flights in the 20th century. This suggestion is made by analogy to the fact that aviation and railroad are similar industries according to their purposes. Rockefeller could have earned a significant fortune during the gold rush. The rationale behind this suggestion is that both gold and oil are precious elements that can help people and even nations obtain enormous financial profits. However, it is possible to suggest that Rockefeller could not have earned equitable wealth because the American economy was not so developed during the gold rush.
As for Vanderbilt, it is possible to suppose that he could have achieved successful results in other transportation industries. For example, aviation and automobile manufacturing spheres seem suitable options because he successfully dealt with steamships. However, it is reasonable to understand that the volumes of benefits that Vanderbilt earned were enormous, meaning that no one can guarantee that the same results could have been obtained in other spheres. Even though some opportunities could exist in other periods, one can still claim that these men were in the right place at the right time. This fact denotes that their investment in other industries and products could have produced smaller profits.
It is possible to claim that the men managed to predict the future development of the economy and industry and identify the most lucrative areas to invest. Morgan dealt with the railroad’s system when it was going to become the leading transportation means in the nation. Furthermore, there was no central bank during Morgan’s era, which allowed him to act as this institution and multiply his wealth (History.com Editors, 2019a). As for Rockefeller, it seems that he foresaw the irreplaceable role that oil would play in the world economy. At that time, the oil industry was only gaining its power, meaning that there were no large corporations controlling the business (History.com Editors, 2019b). Considering this gap, Rockefeller found its place in the market and obtained full benefits from it. In conclusion, it is possible to claim that Vanderbilt understood people’s increasing need for transportation means. Industrial development of that time implied that sophisticated vehicles were required to meet new production volumes, and Vanderbilt invested in this sphere to satisfy growing demand.
References
History.com Editors. (2019a). J. P. Morgan.
History.com Editors. (2019b). John D. Rockefeller.
History.com Editors. (2020). Cornelius Vanderbilt.
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