The Lords of Creation

The Lords of Creation

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An acclaimed classic detailing the economic history of America in the late nineteenth and early twentieth centuries and exposing the capitalist giants who changed the world Frederick Lewis Allena€™s insightful financial history of the United Statesa€”from the late 1800s through the stock market collapse of 1929a€”remains a seminal work on what brought on Americaa€™s worst economic disaster: the Great Depression. In the decades following the Civil War, America entered an era of unprecedented corporate expansion, with ultimate financial power in the hands of a few wealthy industrialists who exploited the capitalist system for everything it was worth. The Rockefellers, Fords, Morgans, and Vanderbilts were the a€œlords of creationa€ who, along with like-minded magnates, controlled the economic destiny of the country, unrestrained by regulations or moral imperatives. Through a combination of foresight, ingenuity, ruthlessness, and greed, Americaa€™s giants of industry remolded the US economy in their own preferred image. In so doing, they established their absolute power and authority, ensuring that theya€”and they alonea€”would control the means of production, transportation, energy, and commercea€”thereby setting the stage for the most devastating global financial collapse in history. As Gretchen Morgenson thoughtfully states in her introduction, a€œIt is not immediately clear why the frequency and severity of financial scandals is increasing in the United States. What is clear is that we need to understand the origins of these disasters, as well as the policies and people that bring them on. . . . While distant actions may seem unrelated to current events, rereading about the past almost always provides surprising insights into the present.a€ The Lords of Creation, first published in the midst of the Great Depression, when the financial catastrophe was still painfully fresh, is a fascinating story of bankers, railroad tycoons, steel magnates, speculators, scoundrels, and robber barons. It is a tale of innovation and shocking exploitationa€”and a sobering reminder that history can indeed repeat itself.of the bankers in whose institutions Cortelyou had made deposits, had thrown into the Stock Exchange panic an amount almost exactly equal to that of these deposits. Yet the relief even from this audacious stroke might prove to be merely anbsp;...

Title:The Lords of Creation
Author: Frederick Lewis Allen
Publisher:Open Road Media - 2014-06-10

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