The Monopoly Of Oil Created By Rockefeller

855 WordsOct 1, 20154 Pages
The monopoly of oil created by Rockefeller caused smaller business to go out of business or make it very unprofitable for them to function. The regular oil companies could not compete with the Standard Oil Company, for they were trying to put smaller companies out of business. Rockefeller joined with competing companies in trust agreements. Participants in a trust turned their stock over to a group of trustees. This made it so you either had to join the bigger company or stop selling oil because it would not be profitable. The first hand account of this happening shows the negative effects to big businesses. How could a business survive when it is being attacked by a monopoly that was formed illegally? The Sherman Antitrust Act made this illegal. The large businesses forming monopolies would say this is the point of capitalism. They can sell their better product for whatever they want. Is it really illegal to undercut prices, but it is morally wrong to do. Unfortunately the owners of the monopolies did not care about others they only cared about themselves. Overall the monopolies formed by Rockefeller, Carnegie, and Pullman were very beneficial to themselves, but to no one else that wasn’t making money. The next document is about how Carnegie feels about giving money away. Carnegie claims that to be rich you must show that you are rich. You must have shunning displays that show wealth. People have to look up to you for answers. People have to want to be you and they must
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