26 mars 1885 - John D. Rockefeller

Description:

After the invention of the automobile, the oil industry boomed. Rockefeller worked his way up the industry and started the Standard Oil Company in Ohio in 1870.

7 years later, he controlled 95% of all the oil refineries in the U.S. He did this by being a “robber baron” aka ruthless (hence the nickname “reckafellow”). He eliminated his rivals by selling his product for lower prices.

Once he gained a near monopoly, he significantly raised his prices and got very rich.

Significance:
- Rockefeller, like Carnegie, represented the false idea of the gilded age. His overwhelming success made many believe in the American Dream and the idea that if you work hard then you can become rich (which in turn promoted the idea that the poor were only poor because they were lazy).
- Rockefeller donated millions like Carnegie did. - His monopoly provided many jobs as it had large production and distribution methods.

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