The Standard Oil Company’s Impact Essay Example

if they are created or sustained through improper behavior, such as exclusionary or predatory actions. This is commonly referred to as anticompetitive monopolization.

Rockefeller's profound religious beliefs resulted in him regarding the accumulation of wealth as a divine favor, causing him to become merciless in his business dealings. This led to a discrepancy between his personal principles and ethical conduct in business. However, he also demonstrated generosity by making substantial contributions such as $5 million for the Lincoln Center in New York City, assisting with the restoration of colonial Williamsburg, and providing financial support for the Museum of Modern Art. Despite Standard Oil Company having a monopoly on the American oil industry, I believe its overall influence was advantageous.

Standard oil, with a capital of $70 million and a 90% share in the nation's refining output, had substantial market control. This enabled them to establish prices for optimal profit and exert influence on pipelines, railroad tank cars, terminal facilities, and barrel manufacturing factories in order to secure favorable rates.

The Standard Oil Company contended that their consolidation led to cost reduction by eliminating redundant and inefficient facilities, while also benefiting from economies of scale resulting from increased output. They also asserted that the increased production enabled them to invest more in efficient production facilities and allocate funds for research and development. Although Rockefeller may have exhibited a ruthless demeanor driven by greed and a desire for wealth, he ultimately achieved success by utilizing his wealth to support philanthropic initiatives. Religion played an integral role in shaping Rockefeller's beliefs throughout his life, with acts of charity forming the basis of his achievements.

He established several notable charitable organizations, including the

Rockefeller Institute for Medical Research, the General Education Board, the Rockefeller Sanitary Commission, and The Rockefeller Foundation. Additionally, he was known as a supporter of capitalism from the perspective of social Darwinism and is often quoted as saying "The growth of a large business is simply a survival of the fittest".

References

https://www.scribd.com/doc/51690349/case-studies-1, https://www.girardgibbs.com/antitrust-monopoly/, https://www.huduser.org/Datasets/IL/IL08/in_fy2008.pdf