2._Our_Plan_Revised - 2. Our Plan Rockefeller and Standard...

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1 2. “Our Plan” Rockefeller and Standard Oil
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2 Major Themes Early oil industry highly competitive – many players Standard Oil emerged as dominant firm Gained by cost reduction Aggressive but legal tactics SO first modern corporation Legal entity with limited liability Bureaucratic structure
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3 John D. Rockefeller Created the first true multinational corporation Unique abilities Steely resolve, Attentive Master at numbers Genius of management and organization Hated and reviled as a ruthless businessman Eventually a great philanthropist
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4 Rockefeller’s Start in Business Went to work at age 16 for a produce-shipping firm 1859: Formed partnership with Maurice Clark Firm prospered from both Civil War and opening of the West 1863: Railroad link placed Cleveland in a position to compete in the oil business Rockefeller’s refinery became the largest refinery of 30 in Cleveland
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5 Rockefeller and Oil 1865: Began the era of massive economic expansion and rapid development, of fiery speculation and fierce competition, and of combination and monopoly Rockefeller and Clark had a dispute over the speed of expansion (mainly with the oil refineries) Rockefeller bought out his partner for a total or $72,500 in 1865 Rockefeller continued to pour both profits and borrowed money into his refinery Then he bought a 2 nd one 1866: Organized another firm in NY Managed Atlantic Coast trade and export of kerosene Put brother, William, in charge
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This note was uploaded on 04/19/2011 for the course EGEE 120 taught by Professor Considine,timothy during the Spring '07 term at Pennsylvania State University, University Park.

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2._Our_Plan_Revised - 2. Our Plan Rockefeller and Standard...

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