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How Did Rockefeller Contribute To The American Dream

1707 Words7 Pages

John D. Rockefeller was the head of the Standard Oil Company and one of the world's richest men during some of his years. He used his fortune to fund ongoing philanthropic causes after he had retired to give back to the people that basically made his fortune. He was in fact, the very first guy that figured out how to wisely manage a corporation using Monopolies, Trust, and the railroad system to wisely benefit him. In my research project I managed not only to find out how he was able to see through, but how he had pursued the goal in his thinking.
John D. Rockefeller was born July 8, 1839, in Richford, New York. He was the son of a traveling salesman, and as a boy, he was already ready to be an industrious businessmen of himself even as a boy …show more content…

and abroad. In just over 10 years he and his partners in business had established Standard Oil which was incorporated, since it had a near monopoly of the oil business in the U.S. and was similar to a giant corporate umbrella under one person with that person being Rockefeller overseeing all of it. Everything Rockefeller had done to this point had led to the first American monopoly, or trust, and it would serve as a light for others in big business to follow behind him and pursue riches. 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 basically. In 1882, these various companies were combined into the Standard Oil Trust, which controlled 90 percent of the nation’s refineries and …show more content…

Congress passed the Sherman Antitrust Act, the first federal legislation prohibiting trusts and combinations that restrained trade. Two years later, the Ohio Supreme Court dissolved the Standard Oil Trust. However, the businesses within the trust soon became part of Standard Oil of New Jersey, which functioned as a holding company. Always eager to be a step ahead, Rockefeller broke the corporation and allowed each property under the Standard banner to be run by others. The overall hierarchy remained chiefly in place, though, and Standard’s board maintained control of the web of spun-off companies. He had basically gained controlled 90 percent of the oil industry, but he couldn't’ keep going head on against the government and he was old alreadyd,so he decided to

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