Stacey Wiley Wiley 1
07 July 2012
John D. Rockefeller: The Father of The Standard Oil Company
John Davison Rockefeller, the great American industrialist, was born July 8, 1839 and died May 23, 1937 at the age of 97 in Ormond Beach, Florida. He founded the Standard Oil Company in Cleveland Ohio in 1870. Within just over a ten year period, the company had seized control of most oil refineries within the country. Their competition was literally given the choice of being overtaken or crushed. By 1880 the Standard Oil Rockefeller had become an enormous monopoly and had the ability to set its own prices and terms of business.
Rockefeller revolutionized the petroleum industry, and defined the structure of modern philanthropy as we know of it today, through the creation and development of foundations and charitable trusts. His contributions greatly impacted the fields of transportation, medicine, manufacturing, and education. The combined accomplishments of Standard Oil prompted and further inspired many companies to emulate the Rockefeller business model. However, Rockefeller’s business model also drew much criticism because of their somewhat cutthroat tactics. All of which were carried out in an era which frowned upon monopolizing, and lacked most of today’s ethical norms and laws. During this time period the power of corporations and managers seemed practically unrestrained and somewhat unnoticed by government officials. Despite the cries of the public, the government took a long time to implement effective measures for dealing with the offensive procedures of Standard Oil and monopolies alike. The all-encompassing influence of Standard Oil certainly contributed to the delays in seeking prosecution. After several years of legal action, the Supreme Court ordered the Standard Oil Trust to...