John D. Rockefeller, an American Rebel
John D. Rockefeller was businessman who’s most famously known as the entrepreneur who founded the Standard Oil Company. He is also one of the richest men in the history of the world, having a net worth of about $633 billion. In the late 1800s, Rockefeller decided to take up the business that would turn out to change the way business was done. By the early 1900s, Rockefeller’s Standard Oil was in charge of more than 90% of the United States’ oil production. In 1901, the government of the United States found that his practices were illegal, and that they did not deem “monopolizing” a legal and fair way to further his business.
Rockefeller at first did not care about this because the government had a lesz faires way of business. The government used to not care about how the businesses got their money, as long as the government got a fraction of the money. Rockefeller then began to monopolize the entire Oil business, ending up as a millionaire within the first couple of years. Rockefeller’s practices had him run against other big business names, including the ever so famous, Andrew Carnegie. Against the government’s desires, Rockefeller continued his business, which later on caused the government to take action and have him split Standard Oil into 34 different Oil companies. This split turned to be very profitable to Rockefeller, giving him more than $100 million.
John D. Rockefeller influenced the way that business was run in the United States. His method of underpricing became a standard norm to business who want to run their competitions out of business. This method of monopolizing was the first of few that ended up being profitable for both the entrepreneur and the country. Rockefeller later turned out to become a philanthropist, donating his money, or giving it away. Rockefeller was a businessman, a rebel, and a positive influence in the history of the United States.
Works Cited
"John D. Rockefeller Biography." Bio.com. A&E Networks Television, n.d.
Rockefeller at first did not care about this because the government had a lesz faires way of business. The government used to not care about how the businesses got their money, as long as the government got a fraction of the money. Rockefeller then began to monopolize the entire Oil business, ending up as a millionaire within the first couple of years. Rockefeller’s practices had him run against other big business names, including the ever so famous, Andrew Carnegie. Against the government’s desires, Rockefeller continued his business, which later on caused the government to take action and have him split Standard Oil into 34 different Oil companies. This split turned to be very profitable to Rockefeller, giving him more than $100 million.
John D. Rockefeller influenced the way that business was run in the United States. His method of underpricing became a standard norm to business who want to run their competitions out of business. This method of monopolizing was the first of few that ended up being profitable for both the entrepreneur and the country. Rockefeller later turned out to become a philanthropist, donating his money, or giving it away. Rockefeller was a businessman, a rebel, and a positive influence in the history of the United States.
Works Cited
"John D. Rockefeller Biography." Bio.com. A&E Networks Television, n.d.
Cited: "John D. Rockefeller Biography." Bio.com. A&E Networks Television, n.d. Web. 9 May2013. "John D. Rockefeller." History.com. A&E Television Networks, n.d. Web. 9 May 2013. Wikipedia. N.p., n.d. Web. 9 May 2013.