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What Impact Did John D. Rockefeller Have On The Economy

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In New York City, the John D. Rockefeller Center, the Standard Oil Building, and the “Top of the Rock” are all prominent attractions. The picturesque views of the Big Apple, the historic background of the structure, and the radiant Rainbow Room lure millions to the Rockefeller Center and the Top of the Rock. Named for the world’s wealthiest man ever, the Rockefeller Center is a shrine to the petroleum baron, John Davison Rockefeller. As the longtime chief executive officer of Standard Oil Trust, entrepreneur Rockefeller demonstrated a value of oil, helped the gross domestic product of the United States skyrocket, and demonstrated business techniques of how and how not to manage a corporation. Although John D. Rockefeller may have harmed the …show more content…

Rockefeller also used his wealth to fund a charity which helps millions today. Using former Standard stock to propel progress, currently thriving corporations, such as Pennzoil, ExxonMobil, and Chevron, constantly increase the gross domestic product of the United States (Segall 112). ExxonMobil alone currently has a value of $246 billion. (“Fortune 500) During the Progressive Era, petroleum became incredibly valuable and increased the value of petroleum, while Standard Oil ruled over the crude oil industry. As Rockefeller gave many currently prosperous corporations their rise to prowess, he helped increase the economy of the United States skyrocket. Rockefeller was only harsh on his competitors in the petroleum industry, for he “had made gifts to various charitable and educational organizations totaling $530,853,632” ("Financier's Fortune in Oil Amassed in Industrial Era of 'Rugged Individualism'"). The Rockefeller Foundation, founded in 1913 off Rockefeller’s fortune, has a mission of “promoting the well-being of humanity throughout the world” (“Our Work”), which they have accomplished beyond measure. Despite legislation outlawing such techniques, three major American corporations have used Rockefeller’s techniques of business. The Aluminum Company of America had a monopoly of aluminum in 1945, AT&T a monopoly of the telephone industry in 1984, and Microsoft a prolific monopoly of web browsers in 2001 (“Antitrust law”, “Sherman Anti-Trust Act”). Although Rockefeller inspired three major American corporations to utilize his techniques, he also has inspired legislation in order to restrict trusts. Also, Europe has seen in the American antitrust beacon, for “the European Union has an antitrust arm” (“Standard Ogre”). Rockefeller, who increased the value of

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