The United States has come to be known as a major world superpower throughout history. One of the main parts of America that has contributed to its renowned strength has been its economy. The United State’s economy has been growing ever since it began. Credit for its strength and progress in development can be attributed to the financial geniuses of their time. John D. Rockefeller became an economical giant during his time when he changed the face of business by developing ground-breaking new strategies to ensure financial success. Rockefeller dramatically changed the business field during The Gilded Age. He did so through the use of his social Darwinistic philosophy of capitalism, inclusion of vertical and horizontal integration, combination of both his business views and religious beliefs, his Standard Oil Company along with specific refinery processes. He founded the Standard Oil Company, one of the first types of businesses during its time. Although this company helped Rockefeller become known for his successful and competitive strategies, he did develop these strategies by himself with the use of his own beliefs and views.
During John D. Rockefeller’s financial career in The Gilded Age, he used many cutthroat practices to ensure that local competitors would not challenge and he would have control over the market of oil with his Standard Oil Company. In order to make sure he controlled the oil market, he used what was known as horizontal integration. This name became the label for the process of eliminating any potential competition from the market that one wishes to succeed in. In order to establish a virtual monopoly over the oil market, Rockefeller used clever strategies to do so. John Rockefeller used “his firm's superi...
... middle of paper ...
...ican People. 3rd ed. Upper Saddle River: Prentice-Hall, 2002. Print.
Jaros, Kurt. "The Men Who Built America: John D. Rockefeller's Faith." Values and Capitalism. American Enterprise Institute, 22 Apr. 2013. Web. 20 Jan. 2014. .
"John D. Rockefeller." New World Encyclopedia. New World Encyclopedia, 5 Oct. 2011. Web. 1 Feb. 2014. .
"The New Tycoons: John D. Rockefeller." US History. Independence Hall Association, 2010. Web. 1 Feb. 2014. .
Roberts, Michael D. "Rockefeller and His Oil Empire." Northeast Ohio's Business Enthusiasts. Town Hall of Cleveland, July 2012. Web. 1 Feb. 2014. .
Rockefeller was America’s first billionaire, and he was the true epitome of capitalism. Rockefeller was your typical rags-to-riches businessman, and at the turn of the twentieth century, while everyone else in the working class was earning ten dollars max every week, Rockefeller was earning millions. There has been much discussion as to whether Rockefeller’s success was due to being a “robber baron”, or as a “captain of industry”. By definition, a robber baron was an industrialist who exploited others in order to achieve personal wealth, however, Rockefeller’s effect on the economy and the lives of American citizens has been one of much impact, and deserves recognition. He introduced un-seen techniques that greatly modified the oil industry. During the mid-nineteenth century, there was a high demand for kerosene. In the refining process from transforming crude oil to kerosene, many wastes were produced. While others deemed the waste useless, Rockefeller turned it into income by selling them. He turned those wastes into objects that would be useful elsewhere, and in return, he amassed a large amount of wealth. He sold so much “waste” that railroad companies were desperate to be a part of his company. However, Rockefeller demanded rebates, or discounted rates, from the railroad companies, when they asked to be involved with his business. By doing so, Rockefeller was able to lower the price of oil to his customers, and pay low wages to his workers. Using these methods,
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).
Yes, if a reader needed a source in John D. Rockefeller’s point-of view. However, I would say no if a reader needed a non-biased document of information because this excerpt was written by Rockefeller and has a lot of bias. There are little to none actual facts, as opposed to Tarbell’s document which showed actual facts about the oil
middle of paper ... ... The Rockefeller File. Seal Beach, CA: 76 Press, 1991.
During the nineteenth and twentieth century monopolizing corporations reigned over territories, natural resources, and material goods. They dominated banks, railroads, factories, mills, steel, and politics. With companies and industrial giants like Andrew Carnegies’ Steel Company, John D. Rockefeller’s Standard Oil Company and J.P. Morgan in which he reigned over banks and financing. Carnegie and Rockefeller both used vertical integration meaning they owned everything from the natural resources (mines/oil rigs), transportation of those goods (railroads), making of those goods (factories/mills), and the selling of those goods (stores). This ultimately led to monopolizing of corporations. Although provided vast amount of jobs and goods, also provided ba...
The american society will not look like this today without Andrew Carnegie, John D. Rockefeller and JP Morgan. They took astonishing risks to attain that success. They created an innovation that no one could ever imagine. Andrew Carnegie, John D, Rockefeller and JP Morgan, are the empire builders and pillars of American Society because they have changed the way we think and created a new way of living.
Many people consider Rockefeller a robber of industry because of his forcible ways of gaining his monopolies. Rockefeller was fond of buying out small and large competitors. If the competitors refused to sell they often found Rockefeller cutting the prices of his Standard Oil or in the worst cases, their factories mysteriously blowing up. Rockefeller was obsessed with controlling the oil market and used many of undesirable tactics to flush his competitors out of the market. Rockefeller was also a master of the rebate game. He was one of the most dominant controllers of the railroads. He was so good at the rebate that at some times he skillfully commanded the rail road to pay rebates to his standard oil company on the traffic of other competitors. He was able to do this because his oil traffic was so high that he could make or break a section of a railroad a railroad company by simply not running...
Rockefeller was a Robber Baron for the simple reason that he was greedy and selfish. He has treated his workers horribly and did use his money for others. He used aggressive tactics to get to where he was.
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
John Hancock was born on January 23, 1727 in Braintree, Mass. He is the son of John Hancock and Mary Hawke. John Hancock (father) was a Harvard graduate and minister. They lived in a part of town which eventually became the city known as Quincy, Mass. where John Hancock became the childhood friend of John Adams. In 1742, Hancock’s father died and he was adopted by his uncle, Thomas Hancock. Thomas Hancock lived in Hancock Manor in Boston where he had no children and he was a successful privateer and a merchant. John enrolled in Harvard University, received a bachelors degree, after graduating form Boston Latin School in 1750. After graduating from Harvard he worked for his uncle and he was trained for eventually partnership. From 1760 to 1761, he lived in England. He was building relationship with customers and suppliers of his uncle’s shipbuilding business. In January 1763, Thomas Hancock made John his full partner of his business. Since his uncle was sick, he took over the business. A year later, in August, Thomas Hancock dies of illness. He took full control of the business and became one of the wealthiest in America. At first John Hancock did well. His ship sailed across the Atlantic Ocean with good for the people of London. His ships sailed back with god to sell the colonies. Many colonies needed and bought the goods made in England, the mother country. John Hancock made a lot of money. He was generous, too. He gave food and firewood to the poor in the winter. He also gave a lot of money to the churches of Boston. Many people liked John Hancock because he was a kind man. (Lee, 3-11)
Morgan, Carnegie, and Rockefeller were all men who formed their empires off of related industries: oil, mining of iron, steel production, and the railroads. They employed vast forces of workers, foreign and domestic alike: paying them little with twelve, thirteen hours of work a day. There practices with horizontal capitalism enabled them to control huge areas of the market and draw money from literally thousands of sources whilst keeping eternal spending to almost nothing.
...mpanies, it eventually came to the point where they couldn’t keep up and eventually became a part of Standard Oil. By the time Rockefeller had reached the age of 40, his company had controlled all national oil refining by 90% and about 70% of international export of said oil.
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
Rockefeller is the one that is being depicted by the author. Since he got all of his money from selling oil he has alot more money than the government and he is showing how little the government is compared to him in the picure. The author is trying to show that Rockefeller controls the government since he has more money because of his oil
Mooney, Richard. "Banker of America." The Boston Globe 4 Apr. 1999: L1 "Powerful house of Morgan Changes with the Times." The San Diego Union-Tribune 24 Feb. 1986: 18 Sinclair, Andrew. Corsair: The Life of J. Pierpont Morgan. Toronto: Little, Brown and Company, 1981.