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Unformatted text preview: --4) Separation of Ownership/management-- Owners don't manage anymore-Creation of the expert or professional manager-Wage earner-Before civil war, everyone labored, after-creation of a managerial class-Phenomenally wealthy business elite-Rober Barons created industry from the ground up and became RICH-John D. Rockefeller created Standard Oil in the 1880s-Had a vision of gaining great wealth and doing great deeds for others-Standard Oil streamlines so well it controls 90% of the oil in US-Rockefeller believed he was doing the greatest amt. of good for the most people-Creates lower prices for consumers, but destroys a number of towns-1900 Rockefeller most hated man in America-Rockefeller begins to give his money to high profile society benefiting organizations-Standard Oil changed its name to ESSO-ESSO changed its name to Exxon-Rockefeller richest man alive when he dies-...
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- Spring '08
- Civil War, Standard oil, Rockefeller Standard Oil, Monopoly Exxon Esso, barons Rockefeller Standard, expert wage earner