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John D Rockefeller

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John D Rockefeller

  1. 1. J D the ROCK (sometimes referred to as John D Rockefeller)
  2. 2. General Background  Had a poor upbringing  Started first job at age 16 as a bookkeeper and worked his way up from there  Founded Standard Oil Company in 1870  Became filthy rich and lived out the rest of his life as a philanthropist  Died happy, fat, old, and still filthy rich in 1937   
  3. 3. Main Ideas  Monopolize  Vertical Integration (“from the drill to the gas pump”)  Horizontal Integration (Buying up all other oil companies)
  4. 4. Tactics  Secured the lowest shipping rates from railroads  Severely lowered prices to out-compete non- cooperative, small competitors and then bought them out  Built/Owned any transportation or storage that was necessary (bought tracts of land with trees on them that were then used to build barrels to store the oil, also built railroads specifically for shipping his oil)
  5. 5. Tactics Continued  Increased efficiency on all levels  Utilized all waste products (used leftovers from the oil refining process to lubricate machinery)
  6. 6. Impact Positive  Lowered cost of oil products  Cheap oil helped fuel the popularity and and accessibility of cars for the growing middle class  Provided jobs for unskilled workers
  7. 7. Impact Negative  System was abusive to workers  Stressful for small businesses (almost always forced them out of business)  Large monopolies contributed to the Great Depression  Society was far too dependent on a single company
  8. 8. Quick Summary  JD the Rock founded Standard Oil in 1870 which was a monopoly. It became a monopoly through vertical/horizontal integration (he bought up other oil companies, and everything necessary for the ENTIRE oil refining process). He could control prices entirely on his own which made him a very successful man. Basically he was a genius.
  9. 9. WORKS CITED  Hirshberg, Charles. The Four Horsemen. Rev. of Barrons. 3 Oct 2005: Platinum Periodicles, ProQuest. 22 Sept 2009.  Klamm, Judith. The Tycoons: How Carnegie, Rockefeller, Gould and Morgan Invented the American Supereconomy. Rev. of Library Journal 1 Sep 2005: Platinum Periodicles, ProQuest. Web. 22nd September 2009.  Rigby, Rhymer. The Worlds First Oil Billionare. Management Today. 1 August 1998: Platinum Periodicals, ProQuest. 22nd September 2009.  Treckel, Paula. Lady Muckraker. American History June 2001: 38-44. SIRS Researcher. Web. 20 September 2009.

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  • alperrotschild

    Mar. 22, 2015

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