Research Paper On John D. Rockefeller's Monopolies
The government should break up Standard Oil’s monopoly. In 1870, John D. Rockefeller started his Oil corporation in Ohio. They had about 10,000 shares. Him and, William Rockefeller, who was his brother, Henry Flagler, chemist Samuel Andrews, silent partner Stephen V. Harkness, and Oliver Burr Jennings all partnered up to make this company become one of the first and biggests around. Then about 37 stockholders decided to put their shares into trust with an organization called the trustees. This system became so successful that other enterprises used this technique also. Eventually John’s company was spreading so fast as he was getting richer, he saw no need for other oil companies, so he bought out almost all his rivals. With no other companies
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Then when the economy went through recessions and depressions, the monopolies and Rockefeller, both still made money. Rockefeller’s fortune was estimated to be over $2 billion when he died. The government should have stepped in when workers were striking and the public was disgusted. Instead the government had a Laissez Faire. Laissez Faire means the government did not want to regulate the economy thoroughly or take any part of the leading businesses, such as the Standard Oil Company. These corporations did everything they could to maximize their profits. That means they tried to do everything as cheaply as possible. They kept wages low, and tried making workers bring their own tools, just to cut costs down. At the same time, all this economic growth did make the country stronger. This oil company set up the country for its future (today’s present). Was it the right way? Not exactly, but because the people in power only cared about money. Until they became more educated and laws were set. Like the Sherman Antitrust Act of 1890 was put into place to prohibit trusts. President Benjamin Harrison signed it as a law. Then Roosevelt set up the Department of Commerce and Labor, also the Bureau of
Then when the economy went through recessions and depressions, the monopolies and Rockefeller, both still made money. Rockefeller’s fortune was estimated to be over $2 billion when he died. The government should have stepped in when workers were striking and the public was disgusted. Instead the government had a Laissez Faire. Laissez Faire means the government did not want to regulate the economy thoroughly or take any part of the leading businesses, such as the Standard Oil Company. These corporations did everything they could to maximize their profits. That means they tried to do everything as cheaply as possible. They kept wages low, and tried making workers bring their own tools, just to cut costs down. At the same time, all this economic growth did make the country stronger. This oil company set up the country for its future (today’s present). Was it the right way? Not exactly, but because the people in power only cared about money. Until they became more educated and laws were set. Like the Sherman Antitrust Act of 1890 was put into place to prohibit trusts. President Benjamin Harrison signed it as a law. Then Roosevelt set up the Department of Commerce and Labor, also the Bureau of