Did you know that the Rockefeller family was so wealthy that they were able to continue and finance the construction of the 14 buildings in Rockefeller Center completely on their own? Rockefeller Center is a very important piece of American History not because of its sponsoring family but the opportunities it gave to all.
Rockefeller Center became a landmark for its importance in the number of jobs it created during the great depression and the impact it had on the nation’s morale.
The Rockefeller Family was an immensely wealthy family that founded an oil corporation named simply The Standard Oil Company the corporation flourished under the new growing demand for oil, not just nationally but globally. During one of the high moments of the Standard Oil Company, the Oil Company was privately selling to European and Asian countries at an even greater amount than the United States itself. The Company later absorbs a few other Oil companies into itself forming the Standard Oil Trust placing John D. Rockefeller in charge of the whole operation. While in charge of the trust Rockefeller creates a highly elevated centralized structure to manage it, this central structured investment had immense amounts of power over many points of the economy although many would argue that it wasn’t entirely legal. In addition to the companies control over the economy it was highly privatized and was able to expand rapidly setting numerous supply lines and joining with railroad companies to “piggyback” off their vast networks allowing the Standard Oil Company to undersell all of its adversaries and cause many of them to either join them or file bankruptcy.
Though this Trust allowed the Rockefeller family to gain an innumerous wealth during the course ...
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...ccumulated wealth only.
The task seemed impossible given the sheer size of the operation, and the situation only took a turn for the worse. While the Rockefeller family contemplated the weight of the project the United States plummeted into what is known as the darkest time in the U.S. economy, The Great Depression. During the Depression there was a massive influx in the number of Americans that were homeless, unemployed, or sick. When the stock market crashed not only did citizens lose massive amounts of money in the market, they later lost their property values in the housing market forcing the banks that were still operational to foreclose and reclaim homes creating whole families that were now homeless with nowhere to go. Although massive numbers of Americans became homeless many were laid off and were unemployed simply unable to find new work. In addition
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
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.
In these articles, Tarbell showed the readers how Rockefeller conducted these illegal methods through quotes and even interviews with Henry H. Rogers, the most powerful senior executive of Standard Oil. In this series, Tarbell wrote about how Rockefeller made secret agreements with the South Improvement Company (Ida Tarbell, 1857-1944: She Used Her Reporting Skills Against One of the Most Powerful Companies in the World) and how Rockefeller took someone else’s idea to make pipelines for the oil to travel through. Tarbell also wrote about how Rockefeller threatened the small oil producers to sell their businesses to them. Later Ida Tarbell managed to get anti-trust laws to eliminate monopolistic companies and let other smaller companies have a chance at
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.
Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie developed a system known as the vertical integration. This method basically cut out the ‘middle man’. Carnegie bought his own iron and coal mines (which were necessities in producing steel) because purchasing these materials from independent companies cost too much and was insufficient for Carnegie’s empire. This hurt his competitors because they still had to pay for raw materials at much higher prices. Unlike Carnegie, John D. Rockefeller integrated his oil business from top to bottom. Rockefeller’s system was considered a ‘horizontal’ integration. This meant that he followed one product through all phases of the production process, i.e. Rockefeller had control over the oil from the moment it was drilled to the moment it was sold to the consu...
Not only did the people struggle, but so did the areas surrounding them. Everything was in horrific shape. Charities were created to help support families who had lost everything, and also to help raise money for reconstruction. A Relief Committee was set up to assist people. The committee was given a task to organize and distribute food, supplies, and money to all those in distress. Contributions for almost everything came in from around the world totaling up to almost $5,000,000. The political economy made sure that even though the main focus was on reconstruction, that men were continuing to receive fair retirement. They were also determined to keep the doors open and full of opportunities for future young men. “On one side we see men of some years disheartened and retired from productive exertion. On the other, we see places opened for younger men” (“Political Economy of the
President Roosevelt initiated the only program that could pull the U.S. out of the Great Depression. Roosevelt’s New Deal got the country through one of the worst financial catastrophe the U.S. has ever been through. Diggerhistory.info biography on FDR states,” In March 13 million people were unemployed… In his first “Hundred Days”, he proposed, and Congress enacted, a sweeping program to bring recovery to business and agriculture, relief to the unemployed and those in danger of losing their farms and homes”(Digger History Biography 1). Roosevelt’s first hundred days brought relief to the unemployed. He opened the AAA (Agriculture Adjustment Administration) and the CCC (Civilian Conservation Corps.). The administration employed many young men in need of jobs all around the country. Roosevelt knew that the economy’s biggest problem was the widespread unemployment. Because of Roosevelt’s many acts and agencies, lots of young men and women around the country were getting jobs so the economy was healing. According to Roosevelt’s biography from the FDR Presidential Library and Museum, “Another Flurry of New Deal Legislation followed in 1935, including the WPA (Work Projects Admi...
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.
James B. Weaver was a populist party candidate in 1892, in his speech ‘The Call to Action’ he referenced the Oatmeal trust of 1887. This trust decided to close part of its mills that “stood idle” and raise the price of oatmeal by a dollar. This business integration took jobs of former employees and raised prices unfairly, cutting corners by producing only seven million barrels of wheat. This tactic isn’t fair to consumers or workers, and it’s unfair. Ida Tarbell, an investigative journalist focused her attention on John D. Rockefeller's company ‘Standard Oil’ and composed the ‘History of Standard Oil Company’. According to Tarbell Standard Oil created a ”remarkable scheme” which competitors couldn’t fight for very long. Standard Oil demanded cheaper rates on their moved oil or ‘rebates’ from railroad companies. This unfair tactic allowed Standard Oil to lower their prices dramatically which would eventually decrease competition. What Tarbell alluded to in her piece was that when a monopoly is achieved over the industry, Standard Oil would be able to raise prices without refutation. William Vanderbilt, the son of the 19th century industrialist Cornelius Vanderbilt conducted an interview on the railroads constructed during his father's’ era. According to Vanderbilt, the businesses that
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).
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,
With Herbert Hoover in office at the time of the crash of 1929, he believed it was not the government’s responsibility to get involved in helping the millions of Americans affected by this national crisis. However with elections coming up, Americans believed in a time for change. Franklin D. Roosevelt saw a chance to help save the American people and bring this nation of suffering back to a once thriving, prospering nation. With his election in 1932, he brought with him his plan, and this plan was the New Deal. He implemented twenty-five programs to aid Americans get back on their feet. Banks were closing, millions were out of jobs, and housing markets were closing. I saw three programs he developed helping millions of Americans with jobs. Through the lack of jobs created the lack of revenue which in turn was needed for the banks to survive to furnish loans for houses. The people needed a fresh start, and FDR, along with his cabinet members, facilitated a new beginning.
John D. Rockefeller, born on July 8, 1839, has had a huge impact on the course of American history, his reputation spanning 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.
The stock market crash of October 1929 brought the economic prosperity of the 1920s to an abrupt halt. For the next ten years, the United States was thrown into a deep economic depression. By 1933, the unemployment rate had soared to 25%, up from 3% in 1929. Industrial production declined by approximately 50%, and international trade plunged 30%. This period in history is known as The Great Depression. The Great Depression plunged the American people into an economic crisis unlike anyone had ever experienced in history. Millions of hardworking individuals fell into poverty. Many lost their homes and lived on the street. Many more suffered from mass starvation. Overall, people lost their sense of pride and national spirit for America. President Franklin Delano Roosevelt took office in 1933, when the economy was in a time of complete failure. Right away, Roosevelt took to not only helping the economy but also reviving the American morale after this tough era. Roosevelt implemented a series of executive actions, creating programs and new Federal agencies to help revive the economy. Together this was called The New Deal. One of the agencies that was created was called The Works Progress Administration (WPA). The WPA was created in order to put millions of unemployed Americans to work through governmental projects. Over a period of 8 years, the WPA spent over 3.3 billion dollars on public projects, some of which are still used today. Simultaneously as the United States struggled valiantly to climb out of the Great Depression, the threat of another crisis, a World War, loomed over the US. In June of 1939, the United States army only had 185,000 men enlisted. The need for a stronger, m...