CaseStudy1 - 1 With reference to the levels and spheres of corporate power discussed in the chapter Rockefeller and the powers of Standard Oil had

CaseStudy1 - 1 With reference to the levels and spheres of...

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1. With reference to the levels and spheres of corporate power discussed in the chapter, Rockefeller and the powers of Standard Oil had impacts to the society economically, technologically, politically, and culturally. The development of Standard Oil had led the economy to growth by building facilities and employing workers, and so also increased the economy to fuel related industry. As Rockefeller had expanded the business of his company, Standard Oil also improved and perfected their oil refined technology. The development of the Standard Oil business also changed the public expectation and attitudes on big business since Rockefeller’s fuel business started involved in other industry and even households. At the same time, it brought up concerns to the government on monopoly and passing laws against it. The power was not exercised in keeping with the social contract of Rockefeller’s era. Because Rockefeller’s business grew bigger and bigger which forced and eliminated other competitors out of the oil industry. 2. Standard Oil surpassed the limits of business power because he used his knowledge in the business to eliminate all possible competitors. He exercised all the different levels and spheres of
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  • Spring '12
  • JamesAlexander
  • Monopoly, Standard oil, standard oil company, Sherman Antitrust Act

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