J.P. Morgan & Co. and the crisis of capitalism

• Verfasst von: Horn, Martin [VerfasserIn]
• Titel: J.P. Morgan & Co. and the crisis of capitalism
• Titelzusatz: from the Wall Street crash to World War II
• Verf.angabe: Martin Horn (McMaster University, Ontario)
• Verlagsort: Cambridge ; New York ; Melbourne ; New Delhi ; Singapore
• Verlag: Cambridge University Press
• Jahr: 2022
• Umfang: xii, 393 Seiten
• Illustrationen: Illustrationen
• Fussnoten: Includes bibliographical references and index
• ISBN: 978-1-108-49837-1
• DOI: doi:10.1017/9781108653602
• Schlagwörter: (k)J. P. Morgan & Co. / (s)Kreditwesen / (s)Depression <Wirtschaft> / (s)Investmentbank / (z)Geschichte 1920 - 1940
• Sprache: eng
• Bibliogr. Hinweis: Erscheint auch als : Online-Ausgabe: Horn, Martin, 1959-: J.P. Morgan & Co. and the crisis of capitalism. - Cambridge, United Kingdom ; New York, NY : Cambridge University Press, 2022 |(DLC)2021037843
• Bibliogr. Hinweis: Erscheint auch als : Online-Ausgabe: Horn, Martin, 1959 - : J.P. Morgan & Co. and the crisis of capitalism. - Cambridge : Cambridge University Press, 2022
• RVK-Notation: NW 3700
• Sach-SW: BUSINESS & ECONOMICS / Economic History
• K10plus-PPN: 1768265852

Abstract

Introduction -- "The Heart of Contemporary Capitalism": The Partners and their Bank -- J.P. Morgan & Co. at home and abroad in the 1920s -- The Young Plan, the Bank for International Settlements and the Wall Street Crash, 1929-30 -- "The End of the World"? The 1931 Crises -- "Witchcraft": J.P. Morgan & Co., Hoover, and the Depression in the United States, 1930-1933 -- "In the storm cellar": J.P. Morgan & Co. and the New Deal 1933-36 -- J.P. Morgan & Co., and the foreign policy of the New Deal: Germany, Italy, Japan and the Nye committee, 1933-37 -- The Coming of War and the End of the Partnership, 1937-40 -- Conclusion.

Abstract

"Late in February 1930 Owen Young journeyed by private railcar to Arizona. Young was at the height of his fame as a General Electric executive, as the founder of the Radio Corporation of America (RCA) and as an international statesman whose name adorned the just concluded Young Plan. Time magazine named him man of the year in 1929. He was bruited as a possible Presidential candidate in 1932. Discussion with his travelling companion, Everett Case, turned to Young's friend, J.P. Morgan Jr. [Jack Morgan], the senior partner of J.P. Morgan & Co. Young thought that it was a pity that Jack Morgan was so little known to the American public, for J.P. Morgan & Co. was "the most important banking house in the world with the power of affecting the lives of people in this country and throughout the world". A decade later, Morris Ernst, a prominent New York lawyer and the general counsel of the American Civil Liberties Union from 1929-55, wrote another Morgan partner, Russell C. Leffingwell. Ernst mused "I think your house has a responsibility that is practically superhuman, and assuming complete honesty and ability can never be met to the satisfaction of society." Young was an intimate of the Morgan partners, Ernst a critic who believed that the Morgan part in American life was baleful. Both agreed that J.P. Morgan & Co.'s influence was pervasive."