Caroline Poston
Wolf 9:30
How did the business practices of John D. Rockefeller and Andrew Carnegie affect federal legislation aimed at tighter regulation on business and industry?
“These men, they were absolutely revolutionary in the making and foundation of the modern day business. They completely industrialized the new world and propelled America into a new era of progress and success.” (Clif Poston) Robber Barons such as John D. Rockefeller and Andrew Carnegie were known to the new world as titans and captains of their industry. These men used extreme tactics to climb the industrial ladder and eventually monopolize their industry. Carnegie and Rockefeller’s monopolistic tendencies were the driving force that called …show more content…
Rockefeller was given a small $100 loan from his father to buy a boat to extract oil. By 1870, Rockefeller owned and controlled more than 90% of U.S oil supply and successful refineries. During his time as top dog, Rockefeller was accused of extreme and unethical business practices. Carnegie shared the makings of Rockefeller. Carnegie rose through the rankings of the steel industry. He began as an apprentice and learned the trade of the Bessemer Process that he brought back to the US and began his own steel production. Each one of these men set a high standard in their field, and strived to accomplish greatness by revolutionizing industry. However, both Rockefeller and Carnegie used predatory like business tactics to achieve their success, which led to the passage of legislation making such practices illegal due to their monopolistic …show more content…
But in the late 1800’s there was an outcry to investigate the industries controlling the market. The act prevented the industries from obtaining too much power, however, the act was not effective. The vague language used in the Sherman Antitrust Act proved it easy for companies to find legal loopholes, allowing them to engage in otherwise restricted business. To combat the negative stigma around the vague language of the Sherman Antitrust Act, the federal government passed the Clayton Antitrust Act of 1914 to further clarify the principles and terms of the previous Sherman Antitrust Act. The Sherman Antitrust Act deemed monopolies unconstitutional and made them illegal, but the Clayton Antitrust Act defined illegal certain business and further clarified the
Wolf 9:30
How did the business practices of John D. Rockefeller and Andrew Carnegie affect federal legislation aimed at tighter regulation on business and industry?
“These men, they were absolutely revolutionary in the making and foundation of the modern day business. They completely industrialized the new world and propelled America into a new era of progress and success.” (Clif Poston) Robber Barons such as John D. Rockefeller and Andrew Carnegie were known to the new world as titans and captains of their industry. These men used extreme tactics to climb the industrial ladder and eventually monopolize their industry. Carnegie and Rockefeller’s monopolistic tendencies were the driving force that called …show more content…
Rockefeller was given a small $100 loan from his father to buy a boat to extract oil. By 1870, Rockefeller owned and controlled more than 90% of U.S oil supply and successful refineries. During his time as top dog, Rockefeller was accused of extreme and unethical business practices. Carnegie shared the makings of Rockefeller. Carnegie rose through the rankings of the steel industry. He began as an apprentice and learned the trade of the Bessemer Process that he brought back to the US and began his own steel production. Each one of these men set a high standard in their field, and strived to accomplish greatness by revolutionizing industry. However, both Rockefeller and Carnegie used predatory like business tactics to achieve their success, which led to the passage of legislation making such practices illegal due to their monopolistic …show more content…
But in the late 1800’s there was an outcry to investigate the industries controlling the market. The act prevented the industries from obtaining too much power, however, the act was not effective. The vague language used in the Sherman Antitrust Act proved it easy for companies to find legal loopholes, allowing them to engage in otherwise restricted business. To combat the negative stigma around the vague language of the Sherman Antitrust Act, the federal government passed the Clayton Antitrust Act of 1914 to further clarify the principles and terms of the previous Sherman Antitrust Act. The Sherman Antitrust Act deemed monopolies unconstitutional and made them illegal, but the Clayton Antitrust Act defined illegal certain business and further clarified the