Although it is argumentative that some entrepreneurs of the mid-nineteenth century deserved to be crown Captains of Industry or labeled as Robber Barons, John D. Rockefeller should have been honorably regarded as a Captain of Industry due to his account on strengthening the U.S’s economy by investing in blooming American industry and becoming one of the most respected philanthropist. At the same time, his fellow businessman, Cornelius Vanderbilt was suitable of the title Robber Barons for his hated reputation and lack of charitable efforts. Post-Civil War, the United States experienced with economic boom in which business leaders dedicated themselves in ensuring the government to be kept out of their businesses. In fact, the United States’
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Before earning noble reputation the oil industry, he decided to form a more rationalized oil industry. Beginning in 1870, he established the Standard Oil Company of Ohio. Ten years later, he was able to control over ninety percent of the U.S. oil refinery and pipelines. Much of his success was accounted by his ability to make favorable deals with railroad companies to ship his oil. Additionally, he did not depended on the products and services of other firms. Rockefeller produced its own oil, purchased pipelines and terminals, and operated its own transportation. The company controlled almost all aspect of the business and eliminated all the middlemen. He was not only famous for making himself an immense fortune, but he was also known giving much of his earning away to support education and medicine. After retiring, Rockefeller became one of the most well respected philanthropists, donating over five hundred and thirty million dollars to various benevolent causes. In 1892, he gave away more than eighty million dollars to the construction of the University of Chicago, and he helped found the Rockefeller University in his hometown, New York. He was a man who disliked the tobacco and alcohol, he believed his fortune was awarded by God. In that he saw it as his responsibility to divide up the fortune to improve the country and society. However, his legacy did not stop after …show more content…
In which the Ohio Supreme Court reckoned his company to violate Ohio’s monopoly laws in 1890. Furthermore, he was convicted again nine years later by the U.S. Supreme Court for violating the anti-trust laws when he organized the Standard Oil Trust. A trust is a legal agreement between the firms in the business, which often result in the decline of competitions. However, in creating a monopoly for his company, Rockefeller was able to reduce the price of oil to his consumers. Additionally, his goal to rationalize the chaotic oil industry was achieved when only one company was available. Rockefeller had reorganized a whole industry in the United
Before earning noble reputation the oil industry, he decided to form a more rationalized oil industry. Beginning in 1870, he established the Standard Oil Company of Ohio. Ten years later, he was able to control over ninety percent of the U.S. oil refinery and pipelines. Much of his success was accounted by his ability to make favorable deals with railroad companies to ship his oil. Additionally, he did not depended on the products and services of other firms. Rockefeller produced its own oil, purchased pipelines and terminals, and operated its own transportation. The company controlled almost all aspect of the business and eliminated all the middlemen. He was not only famous for making himself an immense fortune, but he was also known giving much of his earning away to support education and medicine. After retiring, Rockefeller became one of the most well respected philanthropists, donating over five hundred and thirty million dollars to various benevolent causes. In 1892, he gave away more than eighty million dollars to the construction of the University of Chicago, and he helped found the Rockefeller University in his hometown, New York. He was a man who disliked the tobacco and alcohol, he believed his fortune was awarded by God. In that he saw it as his responsibility to divide up the fortune to improve the country and society. However, his legacy did not stop after …show more content…
In which the Ohio Supreme Court reckoned his company to violate Ohio’s monopoly laws in 1890. Furthermore, he was convicted again nine years later by the U.S. Supreme Court for violating the anti-trust laws when he organized the Standard Oil Trust. A trust is a legal agreement between the firms in the business, which often result in the decline of competitions. However, in creating a monopoly for his company, Rockefeller was able to reduce the price of oil to his consumers. Additionally, his goal to rationalize the chaotic oil industry was achieved when only one company was available. Rockefeller had reorganized a whole industry in the United