John Jacob Astor established the first American monopoly with his American Fur Company (1808-1834) and devoted his business acumen and enterprising energies to controlling the fur trade from the Great Lakes to the Pacific coast and beyond to China, where he traded furs for tea and Chinese porcelains at great profits.
John Jacob Astor.
Born to German parents of French
Astor was selected as one of the directors of the Second Bank of the United States. Following the War of 1812, he profited from the elimination of Canadian and British fur trading competition. Astor advised President James
Madsen, Axel. John Jacob Astor: America’s First Multimillionaire. New York: John Wiley & Sons, 2001. Porter, Kenneth Wiggins. John Jacob Astor: Businessman. Cambridge, Mass.: Harvard University Press, 1931.
Melting pot theory