Two of the most well known industrialists today are Henry Ford and John D. Rockefeller, who are most noted for the economic legacies of their business empires and the technological advances that were entailed and resulted therefrom. This essay will compare two similarities and one difference play by Henry Ford and Rockefeller in their promotion of technology and the economic consequences of their business empires.
Both men were involved in fields that entailed the use of contemporary technology in the purveyance of goods and resources. Henry Ford brought significant changes to the automobile production process: he was one of the first industrialists to mass produce cars on assembly lines, leading to the dropping of prices of automobiles and their increased availability to the general population (Gross, 1996, p82). Rockefeller overcame the limited market for petroleum products through making his own pipelines and setting up overseas wholesale supply operations. (Smith, 2012, para.26). In addition, both Ford and Rockefeller built empires that have had a lasting effect in the business world. Ford’s technological contributions to the American economy have made his company a household brand. Standard Oil’s descendents, namely ExxonMobil and ChevronTexaco, still control a large sector of the oil market in North America. Nevertheless, as opposed to Rockefeller is mostly known for having become one of the richest people of his time through dubious monopolistic practices, the name of Henry Ford bears more connotations as a result of its exposure as a brand name and its attachment to a tangible household product.
Gross, D. (1996). Forbes greatest business stories of all time. New...