Why Is John D Rockefeller An Example Of Monopolies

363 Words2 Pages

Tanner’s epitaph describes the hardship of the working class. Corporations that had exclusive possession or control of the supply or trade in a commodity or service, otherwise known as monopolies, had completely taken over the market within America. This in turn caused a lack of competition, which only allowed the monopolies to grow bigger. John D. Rockefeller is a prime example of this. For decades rural Americans were aware of the vast petroleum deposits oozing up across the countryside, but it was not until 1859 that an effective means of extraction came along with inception of drilling. Being an enterprising businessman Rockefeller sprung on the opportunity of this new commodity and by 1870 Rockefeller’s company Standard Oil had emerged

Open Document