Rockefeller went into business and borrowed heavily soon owner Clevelands

Rockefeller went into business and borrowed heavily

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Rockefeller went into business and borrowed heavily soon owner Cleveland’s leading refiner succeeded through vertical integration control production and sales all the way from the oil well to kerosene lamp Rockefeller allied with railroad executives who hated the oil market’s boom and bust cycles wanted high volume traffic and gave Rockefeller secret rebates horizontal integration : to have other similar companies to merge into one Rockefeller asked others to join him (they had no chance), and when they did, 95% of the nation’s oil refining capacity was in his control Rockefeller’s lawyers created new legal form, trust organized small group of associates to hold stock from a group of combined firms Rockefeller invested in Mexican oil fields and competed in world markets again Russia and Middle East other companies also stated to make trusts to produce products like sugars and salts many expanded sales and production overseas Singer Manufacturing Co. established factory in Scotland to produce sewing machines reformers began to denounce the trusts some states outlawed trusts as a legal form New Jersey role ranks in 1889, passing a law that permitted creation of holding companies and other combinations Delaware followed, providing legal haven for consolidated corporations wave of mergers further concentrated corporate power during depression of 1890s America’s largest 100 companies controlled of marion’s productive capacity Assisting the Industrialists
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works of the captains of industry were controversial opinions were harsh in era of economic crisis during Great Depression, robber barons was invented scholars viewed early industrialists as industrial statesmen some historians argued that industrialists bonfires economy by replacing chaos of market competition with planning and management recently found out that early tycoons used to cultivate political friends, defaulting on loans, and lying to the public clear that corporate economy was not creation of just few individuals systemic transformation of economy National Consumer Culture corporations innovated in different ways Bell Telephone and Westinghouse set up research laboratories steel makers invested in chemistry and materials science to make their products cheaper and better railroads brought oranges from Florida to grocery stores department store was pioneered in 1875 in Philadelphia megastores displaced small retail shops, tempting customers with large show windows department stores becomes urban fixtures, other corporations built mail-order empires used money-back guaranteed to coax customers to buy products couldn’t see or touch active shaping of consumer demand became a new enterprise by 1900, companies were spending more than $90 million on print advertising The Corporate Workplace young adults used to wish to become a farmer, small business owner, or independent artisan now male and females wished for a corporate job
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  • Spring '16
  • KALB
  • Industrialization, Rockefeller, Oil, Coal, America's History, Historical Period 6

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