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How did john d rockefeller contribute
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John Davison Rockefeller once said that, "I believe it is every man's religious duty to get all he can honestly and to then give all he can." (Abels.) John Rockefeller worked his way to the top during his lifetime, becoming the richest man in America at one time. Then he gave good amount of his lifetime earnings to various charities around the world. He earned his fortune through the oil industry and the countless hard hours he put in to make his company the best.
John Davison Rockefeller was born to William and Eliza Rockefeller on July 8, 1839, on a farm in Richford, New York. He was the second of six children raised in a medium class family run mainly by his mother, who was very strict on religion. She taught the kids to stay religious ,work hard, save their money, and give to charity. Rockefeller’s father was gone most of the time on business working as a pitch man claiming he could cure any sickness for a small payment.
At the age of twelve Rockefeller worked lots of odd jobs for his neighbors. Then with the money he earned, he loaned some to a local farmer with a small interest rate, payable over one year. This impressed Rockefeller that he could make money in this way and he kept giving small loans to people earning money throughout his childhood. Also during his childhood his family moved from place to place quite often until they came to stay at Cleveland
Rockefeller went to school at Central High School in Cleveland. He was a good student who almost never got in trouble. During his high school years Rockefeller got multiple jobs. He was first hired as an assistant bookkeeper by Hewitt and Tuttle, (a small firm of commission merchants).
After Rockefeller left high school in 1855, he went to college at Folsom Mercant...
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...ed foreign markets in Europe, Asia, and Latin America. Although Standard Oil did advance to other countries most of it was kept in the United States. Rockefeller once acquired oil land in Ohio before it was certain that this sulfuric oil could be refined successfully. He then employed the scientist Herman Frasch, whose process made these fields yield an enormous profit.
In 1882, with Standard oil at the immense size it was Rockefeller decided to create America’s first great trust. Since laws forbade one company's ownership of another's stock, ever since 1872 Standard Oil had placed its acquisitions outside Ohio in the hands of Flagler as "trustee."
Now all of Standard’s properties were merged in the Standard Oil Trust. It had an initial capital of $70 million dollars and there were originally 42 certificate holders, or owners, in the trust (“John D. Rockefeller”).
Rockefeller even wrote in a letter to a partner, "we must remember we are refining oil for the poor man and he must have it cheap and good" (83).
Rockefeller was the co-founder of the stand Oil Company. His wealth grew and became the world’s richest man. By the early 1880s, he dominated the oil business with his Standard Oil Company, in which he accounted thirty percent of. In the overall U.S. refineries and pipelines, his company accounted for around ninety percent. John D. Rockefeller was also a major philanthropist.
The Gilded Age refers to a period in which things were fraudulent and deceitful; the surface was clinquant while underneath that lustrous coat laid corruption. During the Gilded Age companies recruited to corrupt methods to further increase profits, leading to an increase in power, rapid economic prosperity, and domination of industries, leading to monopolistic corporations. As a result, antitrust laws to regulate business began to emerge in the late 19th and early 20th century known as the Progressive Era. Among these companies was Standard Oil, which was founded in 1870 by John D. Rockefeller; in 1880, Standard Oil was responsible for refining 90 percent of America’s oil and between 1880-1910, dominating the oil industry (Marshall). The lack of intervention from the government and regulations impeding monopolistic practices allowed Standard Oil to
First, the Standard Oil Company created money for the economy and provided jobs. This helped individuals pay bills, provide for their family among other things. Next, Rockefeller used techniques so that the price would be affordable for everybody. The company succeeded at this and the company provided cheap oil for homes which was used light among other tasks with this oil. Finally ,through all the stages of building up Rockefeller constantly gave to charity and ended up giving over 550 million dollars! With this money, Rockefeller helped the community in many ways. He helped generously donated a large sum of money to the General Education Board, so students could get an education and become successful. He also set up the Rockefeller Foundation, which helped everyday people with their well being. He also helped the Rockefeller Sanitary Committee. Rockefeller and the Standard Oil Company did a lot of positive outcomes in
Matthew Josephson agreed that Rockefeller was indeed a "robber baron". In the book Taking Sides, he claims that Rockefeller was a deceptive and conspiratorial businessman, whose fortune was built by secret agreements and wrung concessions from America's leading railroad companies (Taking Sides 25). When John D. Rockefeller merged with the railroad companies, he had gained control of a strategic transportation route that no other companies would be able to use. Rockefeller would then be able to force the hand on the railroads and was granted a rebate on his shipments of oil. This was a kind of secret agreement between the two industries.
These industrialists are the pillars of the American society due to the successful outcomes of their hard works. Andrew Carnegie and John D. Rockefeller were both born in an underprivileged families. Andrew Carnegie and John D. Rockefeller became the breadwinner of the family at a young age. They both worked hard despite of being born to a
One of the best-known philanthropists was the American industrialist Andrew Carnegie, who devoted the latter part of his life to giving away most of the huge fortune he had amassed in the steel industry. Following the principles laid down in his essay “Gospel of Wealth” , Carnegie returned over $300 million to society, primarily through foundations and trusts. Debs believed that wealth is predestined and that god gave him his wealth. Although different in ideas Carnegie perform what Eugene V. Debs believed in: the distribution of wealth.
John D. Rockefeller and other members of his family produced the fuel that powered America and Europe. In fact, 85% of the world's kerosene supply was produced in a company of Rockefeller's in Pennsylvania. J.P. Morgan, a giant in finance was equally successful by capitalizing small businesses and taking private corporations public. His genius for investing and financing was known world-wide. Because of Morgan and investors like him the American economy grew at a rate that the world had not seen before. His "Gentlemen's Agreement" brought stability to a railroad industry that was unstable because of it's incredible growth. The agreement regulated rates, settled disputes and imposed fines for companies that did not abide by the terms of their contracts. J.P. Morgan helped create a centralized banking system and paved the way for what was to become The Federal Reserve. Henry Ford a corporate giant in transportation built the Ford Motor Company and
To begin the look at Rockefeller’s life, let’s look back to his birth. John D. Rockefeller was born on July 8th, 1839 to Eliza and William Avery Rockefeller in Richmond, New York and was the eldest of his other 4 siblings; Lucy, William Jr., Mary and Franklin. John’s parents could easi...
This statement is true, but the money that sustained the philanthropic ways of the Industrialists was obtained in a way exemplify the qualities of a Robber Baron. A list of Rockefeller's major donations added up to about $500,000,000. While this money went charities and hospitals, the money was made from unethical business practices and the undermining of employees. The Saturday Globe’s political cartoon of Carnegie shows him cutting wages and giving away libraries and money. Industrialists took money that went from their workers away to practice philanthropy. The money might have gone to great causes, but the way it was obtained is characteristic of Robber Barons. Andrew Carnegie's essay, “The Gospel of Wealth” he describes the role of the wealthy in the community. Carnegie class the millionaire a “trust for the poor” and states that the wealthy know how to best invest n the community. This role taken on by Carnegie and other wealthy Americans of the late 19th century is reminiscent of that of an oligarchy, where a small group has control of the community. The oligarchical position of the wealthy in Carnegie's essay is against the American values of freedom and individuality, and very discriminatory towards the
John D. Rockefeller was born on July 8, 1839 in Rickford, New York. He grew up in a very poor family. His father was William Avery Rockefeller. He claimed to be a doctor, who for $25 would cure various diseases. His mother was Eliza Davison Rockefeller. She was the role model who taught Rockefeller his values and morals (Poole). John Rockefeller was the second child. Altogether he had five brothers and sisters (Outman 139). As a child he was very business smart. At the young age of 12 he loaned $50 to a famer. He charged a 7% interest. When he was older he said this about the business deal, “The impression was gaining ground with me that it was a good thing to let money be my servant and not make myself a slave to money” (Poole).
"The New Tycoons: John D. Rockefeller." US History. Independence Hall Association, 2010. Web. 1 Feb. 2014. .
Rockefeller was the son of a trader, and began in the oil company when he was 20. He knew this was the area to invest in, because coal was being replaced by oil in the power industries. By 1870, he had his first oil business, called the Standard Oil Company. Like Carnegie, Rockefeller used horizontal integration and within two years, he had also created a monopoly. He made more money because he paid his workers extremely low wages and treated them poorly. Unlike Carnegie who offered his workers benefits and stock options, Rockefeller gave his workers poor conditions and even abused them at times. Even though Rockefeller was a philanthropist and gave a lot of his money away, that does not make up for how he treated other people and put people out of business to become wealthy. He is best known for a robber baron because he simply used his power to destroy other businesses. He did whatever he could to control the oil industry, even if that meant stepping on others on the way to his success. He reduced the costs of his company, and he was then able to drive other companies out of business, which is how he became one of the richest men in history.
John D. Rockefeller, born on July 8, 1839, has had a huge impact on the course of American history, his reputation spans from being a ruthless businessperson to a thoughtful philanthropist (Tarbell 41). He came from a family with not much and lived the American dream, rising to success through his own wit and cunning, riding on the backs of none. His legacy is huge, amassing the greatest private wealth of any American in history. Rockefeller’s influence on our country has been both a positive and a negative one, he donated huge sums of money to various public institutions and revolutionized the petroleum industry. Along with all the positives to the country, Rockefeller also had many negative affects as well, including, by gaining his riches by means of a monopoly, often using illegal methods, by giving others a reason to frown upon capitalism, and by hurting smaller businesses.
A penny saved may be a penny earned, just as a penny spent may begin to better the world. Andrew Carnegie, a man known for his wealth, certainly knew the value of a dollar. His successful business ventures in the railroad industry, steel business, and in communications earned him his multimillion-dollar fortune. Much the opposite of greedy, Carnegie made sure he had what he needed to live a comfortable life, and put what remained of his fortune toward assistance for the general public and the betterment of their communities. He stressed the idea that generosity is superior to arrogance. Carnegie believes that for the wealthy to be generous to their community, rather than live an ostentatious lifestyle proves that they are truly rich in wealth and in heart. He also emphasized that money is most powerful in the hands of the earner, and not anyone else. In his retirement, Carnegie not only spent a great deal of time enriching his life by giving back; but also often wrote about business, money, and his stance on the importance of world peace. His essay “Wealth” presents what he believes are three common ways in which the wealthy typically distribute their money throughout their life and after death. Throughout his essay “Wealth”, Andrew Carnegie appeals to logos as he defines “rich” as having a great deal of wealth not only in materialistic terms, but also in leading an active philanthropic lifestyle. He solidifies this definition in his appeals to ethos and pathos with an emphasis on the rewards of philanthropy to the mind and body.