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John D Rockefeller Case Study

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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

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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.

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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

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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

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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

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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

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