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Billionaires: John D. Rockefeller

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Billionaires are an anomaly of society. These individuals manage to accumulate mass amounts of money in the few years life provides us with. One of the most famous billionaires to ever live was John Davidson Rockefeller. In 1870, John D. Rockefeller along with a few of his associates created the Standard Oil Company (The Editors of Encyclopaedia Britannica). Over the years Standard Oil flourished, and eventually rose to the top of all oil refining companies. Although Standard Oil was eventually disbanded, it made JDR not only a billionaire, but supposedly the richest person to ever live. Nearly 120 years after the founding of Standard Oil, a new company was established called Amazon. Amazon was founded on May 15, 1997 by Jeff Bezos (Hartman). Amazon began as an online bookstore, but is now known as the website that sells all products “from A to Z” (Hartman). After expanding, Amazon has topped almost all markets, making Jeff Bezos a billionaire to rival Rockefeller. The reality is that the tech giants of today are the same as the robber barons of the past. Many parallels can already be drawn between Jeff Bezos and John D. Rockefeller, as …show more content…

In the 1860’s the oil industry was divided (Marshall). Within it, there were four independent industries; producers refiners, shippers, and distributors (Marshall). However, there was no coordination between these industries. Rockefeller saw this as a business opportunity, and ran with it. Standard Oil acquired many companies that each controlled different aspects of the oil industry (Marshall) Some of these acquisitions were of pipeline-based crude gathering oil facilities, tank storage farms, tank-car-loading facilities, domestic and overseas wholesale shipping operations, along with many more practices that allowed Standard Oil to dominate vertical integration in the oil industry

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The US was under heavy control of a lot of trusts that were ran and were worth a lot of money. Standard Oil had a ton of products they were producing which made them have better control on the railroad, because they were the biggest lube manufacturer for the railroads. In the first presidential election of the 19th century the biggest issue in the election was trusts. The main reasons Standard Oil was broken up was because of the Sherman Antitrust Act and Standard Oil Co. of New Jersey v. United States.

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By eliminating the competitions Standard Oil gained a monopoly in the industry of oil. In 1881, the Standard Oil Company owned so much of the refinery business it became known as the Standard Oil Trust. The trust controlled and created companies across the United States that were their own entities, and Rockefeller directed all of the businesses. By creating separate companies Rockefeller controlled all parts of

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Not long after his first company took off, in 1870, he created Standard Oil Co., which was a combination of a few of the other businesses he had started. Rockefeller used refineries to extract oil, rather than some of his competitors who preferred to use oil rigs. What truly helped Rockefeller rise above his competitors was actually undercutting their prices, and even offering money to railroad companies to only ship materials to him, which caused his competitors’ businesses to go bankrupt. He used a business tactic called the trust, where he took shares in other companies, offering the owners a place on the board of directors and dividends in the company. This tactic gave Rockefeller more control over his competitors’ businesses, which affected everyone else negatively.

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Rockefeller states that, “We must ever remember we are refining oil for the poor man and he must have it cheap and good” (Folsom, 2010, p. 83). In the market for oil, prices were not consistent, and Rockefeller was determined to remove any unnecessary aspects and use oil efficiently to mass produce and provide at the lowest cost. The work it took Rockefeller to offer the availability of oil allowed his market entrepreneurial persona to succeed within the process of creating a remarkable product that created the wealth of the oil

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Sammy Friedman Mr. Di Bartolo Term Paper The Standard Oil Company, founded in 1870, was one of the most notable companies in American history. Its success was unprecedented, and its effects on the American economy and way of business were powerful and lasting. Founded and expanded by John D. Rockefeller, the Standard Oil Company absorbed almost all other oil companies in the country and consolidated all of them under one “trust.” It then chartered several smaller branches in different states, such as New Jersey, in order to monopolize the oil industry and create an oil empire.

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In 1870, Rockefeller formed the Standard Oil Company of Ohio, along with his younger brother William (1841-1922), Henry Flagler (1830-1913) and a group of other men. John Rockefeller was its president and largest shareholder. In 1865, Rockefeller borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland. Over the next few years, he acquired new partners and expanded his business interests in the growing oil industry.

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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

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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.

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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.

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The Progressive Er The Rise Of Big Businesses In The Gilded Age

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Rockefeller was the first man to manufacture oil and founded Standard Oil Company. With the development of oil which is an essential resource, came great responsibility and dominance. However,

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Standard Oil And Rockefeller's Oil Company

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B. Some of the most important stakeholders of Standard Oil or Rockefeller's oil company were Government and the authorities, economic stockholders, workers, and employees, customers, Competitors, and suppliers. Government: John Rockefeller monopolized the oil industry by receiving rebate from railroad companies, and forced the other rival oil companies to sell their companies or go bankrupt. The government was concerned about the monopoly in the market. the monopoly endangered the healthy competition between companies; so in 1911, the U.S. supreme court ruled that Standard Oil company violated the countries Anti- trusted laws.

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John D. Rockefeller's Role In The Oil Industry

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At first this was the largest provider in Ohio, but soon this became the largest producer and provider of oil and kerosene in the United States. In Standard Oil's enormous empire, they owned 20,000 domestic wells, 4,000 miles of pipeline, 5,000 tank cars, and over 100,000 employees. In the 1890's Rockefeller decided to start in the transportation of ore and expanded into iron ore also. Which forced a hard collision with a steel magnate Andrew Carnegie.

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Then in 1904 the individual parts were combined as a book, The History of the Standard Oil Company(Allegheny College).”To know every detail of the oil trade, to be able to reach at any moment its remotest point, to control even its weakest factor—this was John D. Rockefeller’s ideal of doing business. It seemed to be an intellectual necessity for him to be able to direct the course of any particular gallon of oil from the moment it gushed from the earth until it went into the lamp of a housewife. There must be nothing—nothing in his great machine he did not know to be working right…”(Tarbell). The book attracted the public eye, and eventually the government’s. Consequently in 1911 The U.S Supreme

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First of all, John D. Rockefeller, born July 8,1839, was the richest man in the world when he was alive. In fact he is still considered the richest man in the world even after having died. His wealth well surpassed any business man in today’s times and even surpassed any king or queen to have ever existed.(Gladwell) Many things accounted for Rockefeller’s wealth. After his family moved to Cleveland, Ohio when he was 14 he started working doing small jobs.

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