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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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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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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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Standard Oil gained a monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe. In 1882, these various companies were combined into the Standard Oil Trust, which would control some 90 percent of the nation’s refineries and pipelines. Rockefeller retired from day-to-day business operations of Standard Oil in the mid-1890s. Inspired in part by fellow Gilded Age tycoon Andrew Carnegie (1835-1919), who made a vast fortune in the steel industry then became a philanthropist and gave away the bulk of his money, Rockefeller donated more than half a billion dollars to various educational, religious and scientific causes. Among his activities, he funded the establishment of the University of Chicago and the Rockefeller Institute for Medical Research (now Rockefeller

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