Standard Oil's Monopoly: Case Study
Focus Question:
8th Question “Should the government break up Standard Oil’s monopoly?”
Yes the government should break up the standard Oil’s monopoly because it’s not fair to other businesses out there that need to have competition too. I think that they shouldn’t be able to do that and should have to play the game fairly. Trusts are a combination of companies to drive out other businesses and its messed up and therefore it should all be equally fair to all businesses to make money and have a successful business. I think that the Sherman anti-trust act was a good act to pass so tha all business is fair and can protect the other businesses out there.
7 Questions!
Who are they?
John D. Rockefeller:
Established the first standard oil company.
Theodore Roosevelt:
Progressive reformer resolved that government would regulate trusts. Enforced Sherman anti-trust act as it was regularly intended.
Ida Tarbell:
Muckraking journalist, she published popular series of articles attacking standard oil.
Why is it important?
Trusts:
They were combined companies and they were important to hold down prices and drive competitors out of business.
Sherman Anti-trust act:
In 1890 congress passed the Sherman anti-trust act to protect fair competition, regulated trusts and outlawed monopolies.
Standard Oil Companies:herm
It controlled nearly 95% of US Oil Industry. The company set its oil prices below the cost for production and drove other out of business.
What have you learned in the Background Movies that will help you answer the question?:
I have learned about trusts and the people that were involved in the anti-trust act and the standard oil company. I learned what trusts were and I learned what the Sherman anti-trust act was and when it was passed. It helped me answer these questions by giving me background knowledge on what trusts were and background information on the people who were involved in them.
8th Question “Should the government break up Standard Oil’s monopoly?”
Yes the government should break up the standard Oil’s monopoly because it’s not fair to other businesses out there that need to have competition too. I think that they shouldn’t be able to do that and should have to play the game fairly. Trusts are a combination of companies to drive out other businesses and its messed up and therefore it should all be equally fair to all businesses to make money and have a successful business. I think that the Sherman anti-trust act was a good act to pass so tha all business is fair and can protect the other businesses out there.
7 Questions!
Who are they?
John D. Rockefeller:
Established the first standard oil company.
Theodore Roosevelt:
Progressive reformer resolved that government would regulate trusts. Enforced Sherman anti-trust act as it was regularly intended.
Ida Tarbell:
Muckraking journalist, she published popular series of articles attacking standard oil.
Why is it important?
Trusts:
They were combined companies and they were important to hold down prices and drive competitors out of business.
Sherman Anti-trust act:
In 1890 congress passed the Sherman anti-trust act to protect fair competition, regulated trusts and outlawed monopolies.
Standard Oil Companies:herm
It controlled nearly 95% of US Oil Industry. The company set its oil prices below the cost for production and drove other out of business.
What have you learned in the Background Movies that will help you answer the question?:
I have learned about trusts and the people that were involved in the anti-trust act and the standard oil company. I learned what trusts were and I learned what the Sherman anti-trust act was and when it was passed. It helped me answer these questions by giving me background knowledge on what trusts were and background information on the people who were involved in them.