John D Rockefeller Case Study

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HOW DID JOHN D ROCKEFELLER IMPACT THE DEVELOPMENT OF THE MODERN OIL INDUSTRY DRAFT MIKAEEL MOTI A. Summary of Evidence: John D. Rockefeller was an entrepreneur in the United States who established a fortune by maintaining control of the oil trade in the United States from the late 1800s to the early 1900s. He is an American National icon and is largely credited for pioneering the modern oil trade and shaping it into the industry it is today. In 1865 Rockefeller borrowed money in order to buy out partners in a refinery in which he had shares in. this refinery was the largest oil refinery in Cleveland. Kerosene was far more prominent at the time and the oil industry was still in its nascent stages at the time. In 1870 along with his brother, William Rockefeller and a few other men he formed the Standard Oil Company. Rockefeller was its largest shareholder and president of the company. The company started to construct a monopoly in the oil trade by buying out competitors and other refineries and by distributing and marketing its oil products globally. By 1882 the Standard Oil Company would come to be known as the Standard Oil Trust and control 90% of the USA’s oil…show more content…
Rockefeller was one of the first business owners from the USA to globally operate and as a result was among the earliest to endorse the idea of global trade and globalization. Rockefeller is a key contributor to the beginning of the new world order and the formation of the standards of global trade evident today. By establishing a business that supplied internationally, Rockefeller was in fact globalized as a business. It is paramount for us to understand the scope of Rockefeller’s work and how it assisted in demonstrating how globalization can be used to benefit trade and industry. The Rockefeller family is still a majority stakeholder in the IMF and was paramount in its formation establishing the initial philosophy and being the key in the formation of the relief and global credit
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