Question

1. Based upon the circumstances at the time, were Rockefeller's business practices justified?

2. How did other captains of industry (Carnegie, Morgan, Vanderbilt, etc.) conduct business in the late 19th century?
3. What were the negative consequences of their actions? How did government and labor respond?

Answer 1

1). I think that at the time based on the circumstances Rockefeller’s business practices were Justified

2). Vanderbilt, Morgan, and Carnegie would by today’s standards be measured in the hundreds of billions of dollars — far more than tech giants like Elon Musk, Bill Gates, Mark Zuckerberg, and even Jeff Bezos, the wealthiest individual in the world as of 2020.

Step-by-step explanation:

1). Rockefeller’s was a smart business man and his view is explained by Frost. He basically said that it was a mind setting, “eliminating the competition mentally” (Frost, 2000). He also just like any business man wanted to make sure that the industry ran smoothly” (Frost, 2000).

2). Business operations were run with technology such as typewriters, cash registers, and adding machines helping to transform how people worked. And the economic explosion included not only industrial growth, but also a growth in agricultural technology such as mechanical reapers.

3) The negative impacts were Restricting output onto the market.

- Charging a higher price than in a more competitive market.

- Reducing consumer surplus and economic welfare.

- Restricting choice for consumers.

- Reducing consumer sovereignty.