As our country reached the late 1800’s, Americans found themselves face to face with era known as the ‘Gilded Age’. Companies were created and grew rapidly during this time period. Some of the most famous entrepreneurs were John D. Rockefeller and Andrew Carnegie, who seemed to be the perfect models for the ‘rags to riches’ story. Many people debate which entrepreneur was a better role-model. Due to his low prices, the high demand for his products, and the way he sought to eliminate any possible competition, John D. Rockefeller is clearly the better role-model for today’s entrepreneurs.
Although he was the of president of Standard Oil until 1911, Rockefeller retired from leadership of the company in 1896. In 1911 the U.S. Supreme Court found the Standard Oil trust to be in violation of the anti-trust laws and ordered the dissolution of the New Jersey corporation. During the 1850s, he made regular donations to the Baptist church, and by the time he was 21, he was giving to other denominations, as well as to a foreign Sunday school and an African-American church. Support
Ida did not hesitate to criticize Rockefeller for stooping to unethical business practices in quest for his numerous successes. Her writings were credited with the eventual breakup of Standard Oil, which came after the U.S Supreme Court rule in 1911, that the company was violating the Sherman Antitrust act. The Sherman Antitrust act allowed only Congress to regulate interstate commerce. Ida Tarbell and Ida B. Wells have much more in common than just their names. Both have exposed underlying issues in American society through pieces of writings, persistence, and course of actions they took.
Standard Oil was the next trust to be taken down. By breaking Standard Oil down into a number of companies it created an era of competition that was a boon to the industry as a whole. (http://www.linfo.org/sherman.html) When the Supreme Court handed down the Standard Oil ruling they cited the “Rule of Reason” to make sure no one believed that all trusts were bad, just when they used tactics to keep themselves in complete control. (Keene, Chapter 18.2.1)
Muckrakers and unions helped by protesting against the dangerous conditions, unfair treatment, and dishonest dealings during the Progressive Era. These ordinary citizens often used writing or pictures to show the corruption of businesses and cruelty toward workers to the public. A prime example of this is Ida M. Tarbell, whose articles lead to the breaking up of Rockefeller’s oil monopoly. Tarbell wrote about social issues for McClure’s magazine, and in 1902, she published “The History of the Standard Oil Company”, which criticized corruption in the dominant oil corporation. Her writings made the public both aware of the issue and angry about it, and the growing outrage lead to the government disbanding the Standard Oil Company on the idea that it was a violation of the Sherman Antitrust Act.
George Rice, a small businessman who was ousted by Rockefeller’s oil monopoly, stated, “I am but one of the many victims of Rockefeller’s colossal combination… the railroads were in league with the Standard Oil concern at every point, giving it discriminating rates and privileges… against myself…” (George Rice, “How I Was Ruined By Rockefeller”). The account by Rice underlined how his business failed to compete with the alliance of Rockefeller’s company and the railroads. Since the Standard Oil company had an absolute monopoly, it would work with the railroad companies to crush any competition, like that of Rice. With the rise of large industry and their monopolization, the economy of the US was largely controlled by the dominant companies.
In particular, John D. Rockefeller, founder of the Standard Oil Company, was known for his ruthless grip on the oil industry through eliminating competition. He even made it a point to call competition “a sin” and [ANOTHER QUOTE], and followed suit with this philosophy by making deals with railroad companies for reduced prices in exchange for promised large shipments. The public outcry against Rockefeller’s practices became so widespread, [FINISH]. Separate from the ethical questions that prompted the U.S. government to break up Standard Oil into several companies, Rockefeller’s technique of acquiring smaller companies to aggressively grow his own company was “a move that pioneered modern American capitalism” according to History.com (2010). History will see Rockefeller as a complex man, known for his discipline, ruthlessness, and generosity, who created turmoil in the oil industry through his seemingly unrestrained practices in capitalism.
Rockefeller. He was the major capitalist of the oil industry. John D. Rockefeller began to earn his money fairly quickly. He built his first oil refinery near Cleveland in 1863 and by 1870 he already created his own oil business. Standard Oil Company will grow rapidly and will viciously begin to take out the other competitors one by one.
Leaders in the industry are always based off of two sections, one being a Robber Baron and the other a Captain of Industry. John D. Rockefeller and Sam Walton can both display traits from one of these two categories. Although they both play different roles in the industry, both Rockefeller and Walton have contributed to the economic and political stance of the industry today, making noticeable contributions, whether or not they had made a positive impact on their community and to the future practices of industrialism. Robber Barons are “a ruthlessly powerful U.S. capitalist or industrialist considered to have become wealthy by exploiting natural resources, corrupting legislators, or other unethical means” according to the dictionary. This form
John D. Rockefeller was the founder of the Standard Oil Company and became one of the wealthiest men of his time. His company was the major leader of the oil business in the United States during his reign. Standard Oil company served as a prime example of how companies should function, which helped to guide others to follow in his footsteps. He was a major philanthropist and used his large fortune to fund many philanthropic causes. His donations helped pay for the creations of the University of Chicago, the Rockefeller University, the establishment of Central Philippine University, and many others.
John D. Rockefeller was called a robber baron because many people believed he used unethical business practices to amass his extraordinary wealth. One of the most known was his practice of demanding rebates from railroads. Because Standard Oil shipped such large amounts of oil by rail, Rockefeller insisted that the railroads offer him rebates, or a discounted rate. This policy gave Standard
John D. Rockefeller Sr: How did John D. Rockefeller impact the Industrial Revolution John Davison Rockefeller Sr. once stated “If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success” (John D. Rockefeller Quotes). John D. Rockefeller was the founder of Standard Oil in which then became one of the wealthiest men in the world. Rockefellers ongoing funding as a philanthropist and trust in oil is how the man's name still lives on to this day (The Rockefeller Archive Center). For thousands of years oil has been a main resource for human consumption, and remains the same.
Rockefeller: The Captain of Industry that has helped our country thrive “The best philanthropy” he wrote, is constantly in search of finalities- a search for a cause an attempt to cure evils at their source” - John D. Rockefeller John D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. In 1870 Rockefeller established the Standard Oil Company. With the establishment of the oil company Rockefeller controlled 90% of the oil business in America by 1880.
Throughout the years corporations who got into the oil industry have achieved an enormous amount of influence and power over the globe. For example the company British Petroleum suffered a major accident at one of its drilling platforms in the