ipl-logo

John D Rockefeller Case Study

1617 Words7 Pages

HOW DID JOHN D ROCKEFELLER IMPACT THE DEVELOPMENT OF THE MODERN OIL INDUSTRY DRAFT
MIKAEEL MOTI

A. Summary of Evidence:

John D. Rockefeller was an entrepreneur in the United States who established a fortune by maintaining control of the oil trade in the United States from the late 1800s to the early 1900s. He is an American National icon and is largely credited for pioneering the modern oil trade and shaping it into the industry it is today. In 1865 Rockefeller borrowed money in order to buy out partners in a refinery in which he had shares in. this refinery was the largest oil refinery in Cleveland. Kerosene was far more prominent at the time and the oil industry was still in its nascent stages at the time. In 1870 along with his brother, William Rockefeller and a few other men he formed the Standard Oil Company. Rockefeller was its largest shareholder and president of the company.
The company started to construct a monopoly in the oil trade by buying out competitors and other refineries and by distributing and marketing its oil products globally. By 1882 the Standard Oil Company would come to be known as the Standard Oil Trust and control 90% of the USA’s oil …show more content…

Rockefeller was one of the first business owners from the USA to globally operate and as a result was among the earliest to endorse the idea of global trade and globalization. Rockefeller is a key contributor to the beginning of the new world order and the formation of the standards of global trade evident today. By establishing a business that supplied internationally, Rockefeller was in fact globalized as a business. It is paramount for us to understand the scope of Rockefeller’s work and how it assisted in demonstrating how globalization can be used to benefit trade and industry. The Rockefeller family is still a majority stakeholder in the IMF and was paramount in its formation establishing the initial philosophy and being the key in the formation of the relief and global credit

Show More
Related

Ida Tarbell Research Paper

559 Words | 3 Pages

Ida Tarbell became one of the most influential muckrakers of the Gilded age. Ida Tarbell was born in 1857 in western Pennsylvania 's oil region. Her town of Titusville and encompassing territories in the oil river valley had been created into a prosperous industry. Then suddenly this town received a detrimental blow. That blow originated from the South Improvement Company, an enterprise established in 1871 and generally viewed as an exertion by Rockefeller and Standard Oil in Ohio to control the oil and gas ventures in that district.

Read More

John D. Rockefeller's Robber Barons

557 Words | 3 Pages

A “robber baron” is defined as one who uses immoral methods to get rich. John D. Rockefeller, king of oil and the owner of the Standard Oil Company, was known for these unscrupulous tactics. Rockefeller’s peculiar ideas of the “law of nature” in accordance with his “primitive savagery” allowed this stealthy businessman to manipulate his way to the top. Although Rockefeller’s oil monopoly attributed to the wealth of the American economy, he destroyed the morality of modest men to accomplish ultimate power and prestige making him one of the wealthiest industrialists during his time.

Read More

How Is John D Rockefeller A Captain Of Industry

277 Words | 2 Pages

After the civil war the number of factories increased, and so did the competition between businessmen. During the year 1879 trusts were developed and trusts operated all the companies and just paid profits to the stockholders. John D. Rockefeller was one of the first to form a trust in the oil industry. The creation of the sugar, steel, and the whisky trust were established because of the successfulness of the standard oil company.

Read More

Was John D Rockefeller A Captain Of Industry

284 Words | 2 Pages

At his time Rockefeller supplied the most common source of light at the time called kerosene. He started of a struggling businessman trying to put his name out in the kerosene business. Early in his

Read More

John D Rockefeller Dbq Essay

840 Words | 4 Pages

By keeping his prices low, Rockefeller strategically lured in customers. “Rockefeller demanded rebates, or discounted rates, from the railroads. He used all these methods to reduce the price of oil to his consumers.” (Source 1 “the New Tycoons- John D. Rockefeller”) Rockefeller did whatever it took to make

Read More

Was John D. Rockefeller A Robber Baron

336 Words | 2 Pages

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

Read More

Robber Baron Negatives

1617 Words | 7 Pages

John D. Rockefeller was an American businessman and philanthropist. He was born on a farm in New York-but moved to Cleveland, Ohio during the late 1850s where he became a successful businessman. As the years went by” he began to notice the oil industry” and he became interested. He lived in Cleveland which became a regional hub

Read More

Why Is John D Rockefeller A Captain Of Industry

1065 Words | 5 Pages

Rockefeller's Standard Oil was formed during a time of need. America was industrializing fast, railroads were expanding, and need for oil was at an

Read More

Standard Oil Monpoly Debate

471 Words | 2 Pages

I believe that the government should break up Standard Oil’s Monopoly for the following reasons; First because John D. Rockefeller's acts are corrupt, secondly because it led business to bankruptcy and lastly because it could be considered as illegal business. For these reasons I believe that the government should break up Standard Oil’s Monopoly. John D. Rockefeller along with his brother created the Standard Oil Company, and became one of the world’s wealthiest men. In 1870, he established Standard Oil. It controlled 90% of the Country's refineries.

Read More

John D Rockefeller Accomplishments

135 Words | 1 Pages

John D rockefeller was the most influential businessmen of the late 20th century because he founded a Standard Oil Company, and at one time controlled 90 percent of the oil refineries and pipelines in the United States, which led him to become a billionaire. He also bought out his partners, took over the refinery, expanded it and formed the Standard Oil Company. Another accomplishment is he established numerous philanthropic charities, which he gave away more than $500 million. He helped distribute donations to American schools and colleges, find cures for diseases such as meningitis, eradicate hookworm in the southern states, and promote medical research, scientific achievements and the arts. His philanthropic charities were the University

Read More

How Was Rockefeller A Captain Of Industry

809 Words | 4 Pages

On the other hand, he was a very questionable person who played a major role in the downfall of the Steel Oil company of the United States, being found guilty of monopolizing the business which in turn had to be shut down. While he faced criticism with how he accumulated his wealth, JD Rockefeller was a captain of industry, as his charitable efforts made an impact on so

Read More

1880-1920 Essay

765 Words | 4 Pages

Rockefeller, who controlled the oil industry at the time, Cornelius Vanderbilt and George Pullman, they controlled the railroad industry, Andrew Carnegie, who controlled the steel industry and J.P Morgan a figure in the United States economy. Their industries later created monopolies, which is the complete possession or control of supply or trade in a raw material or service. John D. Rockefeller was the first monopoly. They created trusts in order to eliminate any competition. Workers noticed that they weren’t being treated equally.

Read More

How Did John D Rockefeller Impact The Industrial Revolution

1371 Words | 6 Pages

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.

Read More

Economy During The Gilded Age

864 Words | 4 Pages

But the profit of building the railroads was hit and the railway industry began to decline. Railway was an urgent need to operating the goods but there wasn’t enough traffic to sustain them. Oil was another lucrative business during the Gilded Age. John Rockefeller saw an opportunity that seemingly everything required oil during this era: factory, machines, ships, and, later, automobiles. The application of oil made the train speeded up.

Read More

John D. Rockefeller: The Captain Of Industry

459 Words | 2 Pages

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.

Read More

More about John D Rockefeller Case Study

Related Topics

Open Document