Whether the name seems familiar from the famous Rockefeller center in New York City or from hearing about one of the richest men in the world, John D. Rockefeller is the name of a man who left a legacy behind for his family and business leaders around the world. Rockefeller was an American oil industry entrepreneur who founded the Standard Oil Company and almost achieved an oil business monopoly. His oil refineries and company fostered the advancement of transportation in America, and also his contribution to education and science promoted the founding of the renowned University of Chicago along with many other unmentioned programs. John D. Rockefeller’s prosperous life began in Richford, New York on July 8, 1839. His father, William Rockefeller,
This caused the oil industry to become more popular and grow tremendously. More Americans were becoming more familiar with kerosene which was used for cooking, heating, and in lamps. Henry Ford created a car that was more affordable for average people when Rockefeller discovered gasoline as a byproduct of kerosene. Without Rockefeller’s discovery, not as many Americans would have had access to their own car and the transportation industry would not have developed as fast or in the same way. Rockefeller set a new standard for other businesses and entrepreneurs. Aside from the business world, Rockefeller impacted society by donating more than half a billion dollars to education, religious, and scientific causes. Specifically, he funded the establishment of the University of Chicago that provided thousands of Americans a place to further their education. On the side, Rockefeller was also using his money to provide for his 5 children and save a portion for them to use later in their lives. Without this, Rockefeller’s son, John Rockefeller Jr., would have not grown up to provide $5 million for the Lincoln Center for Performing Arts, establish United Service Organizations, or donate land for the United Nations’ New York City
It's said that before John D. Rockefeller died, "he gave away about $550,000,000 to charity, more than any other American before him had ever possessed" (98). His money went to schools, churches and also "paid teams of scientists who found cures for yellow fever, meningitis, and hookworm"(97).
John D. Rockefeller as a Robber Baron A "robber baron" was someone who employed any means necessary to enrich themselves at the expense of their competitors. Did John D. Rockefeller fall into that category or was he one of the "captains of industry", whose shrewd and innovative leadership brought order out of industrial chaos and generated great fortunes that enriched the public welfare through the workings of various philanthropic agencies that these leaders established? In the early 1860s Rockefeller was the founder of the Standard Oil Company, who came to epitomize both the success and excess of corporate capitalism. His company was based in northwestern Pennsylvania. A major question historians have disagreed on has been whether or not John D. Rockefeller was a so-called "robber baron".
Rockefeller was born in Richford, New York, on July 8, 1839.... ... middle of paper ... ... Ford died April 7, 1947, in Dearborn. Who owns the “Superstation” and the Atlanta Braves? The television king Robert Edward Turner III was born in Cincinnati, Ohio in 1938.
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...
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.
Andrew Carnegie and John D. Rockefeller: Captains of industry, or robber barons? True, Andrew Carnegie and John D Rockefeller may have been the most influential businessmen of the 19th century, but was the way they conducted business proper? To fully answer this question, we must look at the following: First understand how Andrew Carnegie and John D. Rockefeller changed the market of their industries. Second, look at the similarities and differences in how both men achieved dominance.
Andrew Carnegie, a robber barron that took advantage of his poor employees and his relentless competition, his personal intentions and innovations in the steel industry and philanthropic distributions positively changed America's society and views of education. Early 19th century, the American industrialist of the time, we're gathering good fortunes through Carnegie's ideas and initiatives. This man started out onto the road to wealth and success, starting from rags to the riches and earned the reputation he brought among himself, bringing him into American history. For those who exploited others on the road to wealth were automatically labeled as “robber-barrons" i.e. John D. Rockefeller, Ph.D. Nevertheless, those whose personal success positively impacted the United States, earning the title of the" captains of industry" surprisingly Andrew Carnegie happened to do both.
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 describe John D. Rockefeller in one word would be an extremely difficult, if not impossible thing to do. Rockefeller was known by so many things in his time and still today; a captain of industry who revolutionised the American economy with new business practices and keen management of what he controlled, a robber baron who lied and cheated his way to the top with back room dealings and taking advantage of the most disadvantaged of people. In his early life, Rockefeller grew up in Richmond, New York with his two brothers and two sisters about 20 years before the start of the Civil War as the child of Eliza Davison and William Avery Rockefeller. His father was con artist who spent most of John’s life traveling selling his various elixirs and his mother was a devout Baptist who John said shaped his life and most of his religious views for the rest of his life. Towards the end of his life, Rockefeller had built up a beyond substantial fortune but, seeing as how he was now retired from the oil industry and had no desire to invest into a new business, he decided to follow Andrew Carnegie's Gospel of Wealth by donating the bulk of his wealth to charity. John D. Rockefeller was truly a man who was almost undefinable despite the simple black and white labels that most people and historians have pinned upon him, as we examine his life it can be determined that Rockefeller was neither an evil man nor a good one but someone who lived his life in the grey.
Oil has always been a coveted natural resource. Oil was discovered in the United States in 1859; since it was a young industry, it was without any structure. That is where John Davison Rockefeller stepped in. John Rockefeller was at one point one of the richest men in the world, monopolizing the oil industry which played a major role in shaping the economy.
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,
The United States was also in the process of industrialization. Industries were built and electricity was the new form of power. Electric lights became available and the first movies were made. "By 1916, 21,000 movie houses were testimony of a new industry" (Hacker and Zahler 99). Automobiles became prevalent and that caused the need for roads to be built: "The early growth of the automobile industry wakened a new and much stronger demand for surfaced roads" (Hacker and Zahler 101). Henry Ford was a major contributor in propelling the automobile industry. He improved the assembly line and mass production of parts. "By 1914, the automobile industry had developed such characteristic features as standardization of parts, minute subdivision and mechanization of labor, and even the assembly line in manufacturing" (Hacker and Zahler 100). The United States experienced great social and industrial change on a national scale as well as international scale.
People like Andrew Carnegie, John D. Rockefeller, and J.P. Morgan are men who possessed the intellect, the foresight, and most importantly the work ethic to become powerful industrialists. These men displayed their work ethic to the country by being ruthless and tireless. They started something so important that a hundred years later it is still making a huge contribution to our country (Maury Klein pg. 32). What they started was the industrial revolution. Today our country is the most powerful in the world because of our great wealth.
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.
Numerous families living in small town America lost their income because of Standard Oil and forced hardship upon many. The legacy of John D. Rockefeller shall always live on as he has permanently shaped how this country looks. He has funded huge advancements in the fields of education and medicine along with starting the events to end lassiez-faire economics. The petroleum industry changed greatly during his career thanks to his research and completely new business methods were thought up of by him, some still in practice today.