Why It Ranks #68
The best financial history book ever written. Chernow's Morgan saga explains how the modern financial system was built and why the relationship between Wall Street and Washington has always been more complicated than either side admits.
The Review
Ron Chernow traces the Morgan banking dynasty through four generations and 150 years, from J.P. Morgan Sr.'s dominance of American finance through the creation of U.S. Steel and the bailout of the U.S. government in 1907, to the modern era of Morgan Stanley and JPMorgan Chase. The book won the National Book Award and is the definitive account of how private banking shaped American capitalism.
Key Takeaways
- 1The Morgan banks literally created the modern financial system — underwriting, syndication, and central banking
- 2J.P. Morgan personally bailed out the U.S. government in 1895 and the banking system in 1907
- 3Glass-Steagall separated commercial and investment banking — its repeal reshaped Wall Street
- 4Relationships and reputation were the original forms of financial capital
Fun Facts
- •Won the 1990 National Book Award for Nonfiction
- •The Modern Library named it one of the 100 best nonfiction books of the 20th century
- •Chernow spent five years researching the book using Morgan family archives
Book Details
The House of Morgan by Ron Chernow
Pages
848
Goodreads Rating
4.14/5
Copies Sold
300K+
First Published
1990
Get Glen’s Updates
Investing insights, new tools, and whatever I’m building this week. Free. No spam.
Unsubscribe anytime. I respect your inbox more than Congress respects property rights.
Keep Exploring
Top 25 Business Books
See the full ranked list of the best business books ever written.
Read moreTop 25 Stock Market Books
The 25 best books about investing in the stock market, ranked.
Read moreTop 25 Personal Finance Books
The 25 best personal finance books ever written.
Read moreBillionaires
Profiles, strategies, and humor from the world's richest people.
Read moreConsulting
Salesforce development, technical strategy, and systems architecture.
Read moreBooks
Full book recommendations and reviews from Glen Bradford.
Read more