Question

Using evidence from the readings, write a short paragraph in which you describe the characteristics that helped Rockefeller build his monopoly. Use at least three pieces of evidence found in the text.

Answer 1

Rockefeller had good connections and an eye for business. He carefully chose his business partners ¨Unquestionably the great strength of the Standard Trust in 1882, when it was founded as it is today was the men who formed it.¨ men who knew the business. He was also willing to wait the time it took to choke out his competitors ¨There never was a more patient man, or one who could dare more while he waited.¨ Rockefeller also had success in dealing with critics by sweeping their views calmly under the rug, as stated in the text ¨They began to accept the Standard’s explanation that the critics were indeed ´people with a private grievance´.”

Answer 2

Rockefeller had little education and began working at the age 16. He studied the growing oil industry and then established an oil refinery in Cleveland in 1863, however, he was barely able to manage it. When he almost got killed in a train crash, he felt it was an omen that he had a purpose. He then made a deal with Cornelius Vanderbilt to ship his oil on Vanderbilt's trains.

In 1870, Rockefeller founded Standard Oil which was a huge success. He paid his workers low wages and worked them long hard hours. He also ran his competitions off. Standard Oil became one of the largest businesses in America. It controlled the oil industry as a Monopoly.