Monopoly In The United States Of America Before The Standard Oil Company
Walden 1 What is a monopoly? A monopoly is exclusive control of a commodity or
service in a particular market, or a control that makes possible the manipulation
of prices. A perfect example of a monopoly was Rockefeller’s Standard Oil
Company from 1870-1911. The company was later found to have been an illegal
monopoly because it drove out all the other competitors to become the only
standard oil company, allowing complete control over charges for oil. This paper
will discuss the economy in the United States of America before the standard oil
company, what happened during the standard …show more content…
The case did not go their way. In 1911 the Supreme Court ruled that the
Standard Oil Trust used illegal means to become a monopoly and therefore had
to break the trust up into 34 different companies that were distributed to the
stockholders ("The Dismantling of The Standard Oil Trust").
In conclusion, the writer of this paper full whole-heartedly agrees with the Supreme Courts decision to break the company up into 34 smaller companies.
A company should not be allowed to drive out all the other competitors and be a monopoly. They should work their way to the top just like the other companies have to. They should have to be creative and innovative to gain customers instead of driving out the competition using illegal means. The United Walden 5
States of America has learned a valuable lesson from John D. Rockefeller's illegal monopoly. We as a nation have learned from history and the United States has set laws in place for it not to happen again. Since john D. Rockefeller's incident, The United States of America has established several antitrust laws to prevent companies from the tactics used by John D.
service in a particular market, or a control that makes possible the manipulation
of prices. A perfect example of a monopoly was Rockefeller’s Standard Oil
Company from 1870-1911. The company was later found to have been an illegal
monopoly because it drove out all the other competitors to become the only
standard oil company, allowing complete control over charges for oil. This paper
will discuss the economy in the United States of America before the standard oil
company, what happened during the standard …show more content…
The case did not go their way. In 1911 the Supreme Court ruled that the
Standard Oil Trust used illegal means to become a monopoly and therefore had
to break the trust up into 34 different companies that were distributed to the
stockholders ("The Dismantling of The Standard Oil Trust").
In conclusion, the writer of this paper full whole-heartedly agrees with the Supreme Courts decision to break the company up into 34 smaller companies.
A company should not be allowed to drive out all the other competitors and be a monopoly. They should work their way to the top just like the other companies have to. They should have to be creative and innovative to gain customers instead of driving out the competition using illegal means. The United Walden 5
States of America has learned a valuable lesson from John D. Rockefeller's illegal monopoly. We as a nation have learned from history and the United States has set laws in place for it not to happen again. Since john D. Rockefeller's incident, The United States of America has established several antitrust laws to prevent companies from the tactics used by John D.