Facts About

John D Rockefeller

Born: July 8, 1839

Birthplace: Richford, New York, United States

Died: May 23, 1937 Sphere of Influence: Africa , Asia , Europe , Latin America , Middle East , North America

Type of Leader: Economic

Summary

John D. Rockefeller was an American business mogul who co-founded the Standard Oil Company. Demand for kerosene and gasoline soared along with the transportation revolution, and Rockefeller built a network to service America’s expansion. Amassing his fortune, he then turned his efforts to philanthropic work focusing on science, medicine, and education. Rockefeller modernized the way that corporations were developing and is still considered one of the greatest captains of industry.

Biography

John D. Rockefeller always showed a tendency for hard work and devout religiosity. His early aptitude for numbers helped gain him a position as an assistant bookkeeper at the age of 16. After starting his own wholesale foodstuff business with a partner, Rockefeller eventually became the owner of the Standard Oil Company.

Rockefeller capitalized on the new increased need for oil created by the expanding railroads, which competed to transport the oil. He continued to purchase more oil refineries and absorb them into his company through horizontal integration. He expanded his business so that he could improve productivity. He made his own barrels, hired his own plumbers, and invested in horses and wagons to transport his oil (a process known today as vertical integration).

Rockefeller was famous for his efficiency and attention to the most minute of details. He borrowed money, reinvested his profits, and constantly tracked the industry’s success. Standard oil also created oil based products.

As he expanded his company, the antitrust movement started to grow against companies which controlled large shares of a market and squeezed out competition. In 1911, the United States Supreme Court declared that the Standard Oil Company held an unlawful trust in violation of the Sherman Anti-Trust Act (Standard Oil Company of New Jersey v. The United States). Standard Oil was divided into several regions, and these eventually became competitors.

Rockefeller helped found several colleges and educational foundations, including the University of Chicago, Rockefeller University, and Central Philippine University. His generosity as well as his impressive and hardnosed business dealings have made his name synonymous with business success.

What Made John D Rockefeller A leader?

Rockefeller expanded his lucrative business through horizontal and vertical integration.

Rockefeller capitalized on the growth of the railroad to build a profitable industry.

Rockefeller made an example of philanthropy, giving more than $500 million to various educational, religious, and scientific institutions.

Discover More About John D Rockefeller

Keywords

horizontal integration
vertical integration
trust
Standard Oil Company of New Jersey vs. The United States

Contemporaries

Andrew Carnegie
Ida Tarbell
William Rainey Harper
Laura Spelman
Joseph Pulitzer

Bibliography

Print

Chernow, Ron. Titan: The Life of John D. Rockefeller, Sr. New York: Knopf Doubleday, 2007.
Josephson, Matthew. The Robber Barons. Washington: Library of Congress, 1934.
Morris, Charles R. The Tycoons: How Andrew Carnegie John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy. New York: Henry Holt and Company, 2005.

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