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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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Not long after his first company took off, in 1870, he created Standard Oil Co., which was a combination of a few of the other businesses he had started. Rockefeller used refineries to extract oil, rather than some of his competitors who preferred to use oil rigs. What truly helped Rockefeller rise above his competitors was actually undercutting their prices, and even offering money to railroad companies to only ship materials to him, which caused his competitors’ businesses to go bankrupt. He used a business tactic called the trust, where he took shares in other companies, offering the owners a place on the board of directors and dividends in the company. This tactic gave Rockefeller more control over his competitors’ businesses, which affected everyone else negatively.

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By the early 20th century, millions of Americans were engaged in oil-related industries; this increased employment. Rockefeller saw the vast potential of the industry, as he described: “We saw the vast possibilities of the oil industry, stood at the center of it, and brought our knowledge and imagination and business experience to bear in a dozen, in twenty, in thirty directions.” Much of Rockefeller’s whole life was characterized by various business-related controversies for his aggressive expanding desire but by the later parts of his life he became to be remembered as a philanthropist for his charitable efforts. The overall image of Rockefeller had varied significantly depending on who he was viewed, for example, his ex-competitors, politicians and critical biographizes.

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Rockefeller, as the head of the Standard Oil Trust, oversees the thousands of barrels of oil being exported over the country and the world. Similarly, Carnegie _. Andrew Carnegie and John D. Rockefeller

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John D. Rockefeller was the founder of the Standard Oil Company and became one of the wealthiest men of his time. His company was the major leader of the oil business in the United States during his reign. Standard Oil company served as a prime example of how companies should function, which helped to guide others to follow in his footsteps. He was a major philanthropist and used his large fortune to fund many philanthropic causes. His donations helped pay for the creations of the University of Chicago, the Rockefeller University, the establishment of Central Philippine University, and many others.

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Although the majority of capitalists considered captains of industry have given back to the greater good in some way or another through philanthropic acts such as the increase in productivity, expansion of markets, and/or provision of more jobs, in turn he/she can also be recognized as robber barons due to his/her utilization of unjustifiable and greed-driven tactics to gain an edge over, and eventually eradicate, his/her competition. The characterization of the majority of industrialists as robber barons is not justifiable due to the fact that a number of these leaders were also very philanthropic and can be described as both a captain of industry and/or a robber baron. John D. Rockefeller, an American business magnate and philanthropist, was the co-founder of the Standard Oil Company, which dominated the oil industry in the late nineteenth century. Rockefeller utilized unjustifiable tactics such as rebates, drawbacks, and horizontal integration to grow his business and overwhelm his competitors and could thus easily lower commercial prices because of the unfair advantage that he had gained.

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Also for the longest time Rockefeller had a monopoly over oil. Rockefeller produced oil, called Standard il. Since nobody else could figure it out they had to only buy from him. So he could make oil as expensive as he wanted. The il he prduced made light everyone needs light, so pf course he got a ton of business.

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John D. Rockefeller is a name that rings volumes throughout the financial history of the United States. A businessman, industrialist and philanthropist who achieved incredible fame in his 97 years of life leaving behind a legacy that only a few can mirror. His accomplishments unmatched leave his name on various places such as the Rockefeller Center in Manhattan. Not only was he the oil tycoon of the United States but also his business practices and ambition led to the passing of antitrust laws by the United States Congress.

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When John D Rockefeller was just a teenager he worked for a bunch of different small businesses. At 16 he got his very first job as an assistant bookkeeper for a commission merchants and produce shippers. At the age of 20 he quit as a bookkeeper and went out on his own with a business partner where they worked as commission merchant in hay,meats, grains, and other goods. By the end of their first year they had a gross domestic product of $450,000. Rockefeller later realized that there was an opportunity in the oil business when it was booming up in the western Pennsylvania in the early 1860’s.

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In particular, John D. Rockefeller, founder of the Standard Oil Company, was known for his ruthless grip on the oil industry through eliminating competition. He even made it a point to call competition “a sin” and [ANOTHER QUOTE], and followed suit with this philosophy by making deals with railroad companies for reduced prices in exchange for promised large shipments. The public outcry against Rockefeller’s practices became so widespread, [FINISH]. Separate from the ethical questions that prompted the U.S. government to break up Standard Oil into several companies, Rockefeller’s technique of acquiring smaller companies to aggressively grow his own company was “a move that pioneered modern American capitalism” according to History.com (2010). History will see Rockefeller as a complex man, known for his discipline, ruthlessness, and generosity, who created turmoil in the oil industry through his seemingly unrestrained practices in capitalism.

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Drip drip drip drip…… a muffled cry can be heard in the distance. A foal lays near a body of a mare, and the mare seems to be impaled with a metal pole. On the floor there's a pool of blood that grows thicker by the minute. Then all of a sudden a loud bang can be heard, the front door is broken down, and in storms a swat team. Let's not jump ahead of ourselves, let's tell it from the beginning.

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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.

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Rockefeller was the first man to manufacture oil and founded Standard Oil Company. With the development of oil which is an essential resource, came great responsibility and dominance. However,

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John D. Rockefeller John D. Rockefeller was a prominent American businessman who is regarded by many as one of the wealthiest and most successful entrepreneurs in history. Born in New York in 1839, Rockefeller began his illustrious career as a clerk and quickly rose through the ranks to become the founder and CEO of The Standard Oil Company, a company that dominated the oil industry in the late 1800s and early 1900s. Known for his astute business acumen and his philanthropic endeavors, Rockefeller left a lasting legacy that continues to be felt today. Despite criticisms and questions about his business practices, Rockefeller's impact on American industry and society cannot be denied, and he remains an enduring figure in American history. By

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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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