John D. Rockefeller is the poster child for the American dream. He worked himself from the bottom of the monetary food chain to the top. Rockefeller believed in hard and honest work and hated when anything went to waste. This is why when he saw oil being drilled and wasted through inefficiency, he saw an opportunity. Rockefeller then started his own company and the rest is history. He became one of the first multimillionaires in the United States of America through his business and talent. John D. Rockefeller managed to adhere to the fundamentals of capitalism, while maintaining an ethical business through legal efficiency, fair and honest deals and working for the American people. Efficiency took on a whole new meaning with John Rockefeller.
…show more content…
One of the reasons competitors had trouble keeping up with Standard Oil is that the company eliminated waste and made profits on everything so that they were able to lower the prices on their products for the American people. Rockefeller brought oil to the homes of middle class workers as well through the cheap prices, a commodity they used to be unable to afford. Along with making the prices more affordable for the middle class, John Rockefeller was a man of the working people. Thomas Wheeler, a manager at Standard Oil, says “he sometimes joined the men in their work and urged them on at 6:30 in the morning, there was Rockefeller… [He] won the respect of his workers”. (Folsom par 46) Rockefeller worked hard to inspire his workers and to earn their respect. In addition Rockefeller donated more than half of his billion dollar fortune to different causes, including a medical research institute and the University of Chicago. John D. Rockefeller himself states “I know nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money’s sake’. Rockefeller makes money to give back to the people, he works for the American …show more content…
Rockefeller is able to maintain an ethical business while adhering to the fundamentals of capitalism. The fundamentals of capitalism are the right to own private property, the right to own a business and keep the profits, the right to freedom of competition and the right to freedom of choice. Rockefeller owns private property through his oil company as well as reaps profits from his stocks and many by-products of Standard Oil. Standard Oil has the right to competition and it does compete with other companies but they are no threat or they joined the trust themselves. The freedom of choice is evident in Standard oil because other companies may choose to be a part of the trust or to compete against it. Rockefeller’s company adheres to all the fundamentals of
One of the reasons competitors had trouble keeping up with Standard Oil is that the company eliminated waste and made profits on everything so that they were able to lower the prices on their products for the American people. Rockefeller brought oil to the homes of middle class workers as well through the cheap prices, a commodity they used to be unable to afford. Along with making the prices more affordable for the middle class, John Rockefeller was a man of the working people. Thomas Wheeler, a manager at Standard Oil, says “he sometimes joined the men in their work and urged them on at 6:30 in the morning, there was Rockefeller… [He] won the respect of his workers”. (Folsom par 46) Rockefeller worked hard to inspire his workers and to earn their respect. In addition Rockefeller donated more than half of his billion dollar fortune to different causes, including a medical research institute and the University of Chicago. John D. Rockefeller himself states “I know nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money’s sake’. Rockefeller makes money to give back to the people, he works for the American …show more content…
Rockefeller is able to maintain an ethical business while adhering to the fundamentals of capitalism. The fundamentals of capitalism are the right to own private property, the right to own a business and keep the profits, the right to freedom of competition and the right to freedom of choice. Rockefeller owns private property through his oil company as well as reaps profits from his stocks and many by-products of Standard Oil. Standard Oil has the right to competition and it does compete with other companies but they are no threat or they joined the trust themselves. The freedom of choice is evident in Standard oil because other companies may choose to be a part of the trust or to compete against it. Rockefeller’s company adheres to all the fundamentals of