John D. Rockefeller Vs. Thomas Edison - 1545 Words

John D. Rockefeller Versus Thomas Edison In 1863, John D. Rockefeller (1839-1937) entered the oil business in Cleveland, Ohio and became one of the world’s wealthiest men by being the founder of the Standard Oil Company. Standard Oil was a major source of income in the late 1800’s, taking up a large percentage of the United States refineries. It eventually became the largest oil refinery in the world. But in 1911, U.S. Supreme Court ruled that the company was not legal due to violations of laws. The Standard Oil Company was classified as a monopoly because it was the only supplier of oil, and there were not any substitutes for this good. Just as Rockefeller created and founded the Standard Oil Co., Thomas Edison created thousands inventions that have greatly helped the United States and other countries all around the world. Edison (1847-1931) was a well known inventor and businessman. One of the most well known inventions by Edison was the incandescent light bulb, which produces light by heating a wire with electricity. He also created the movie camera, phonograph and vote recorder which are just to name a few of the thousands of patents Edison had on his inventions. Rockefeller was born in Richford, New York and went to high school at Cleveland Central High School, where he studied bookkeeping. He went on to working as an office clerk at the age of 16. Likewise, Edison began working at the young age of 12 where he sold newspapers. He eventually went on to publishing hisShow MoreRelatedSocialism And The Current System Of Capitalism1500 Words   |  6 Pagesto choose what we want to buy, the right to own your own business, the right to have the drive to do better than others. Without capitalism we would not have what we have today. We never would have had the giants like: John D. Rockefeller, J.P. Morgan, Henry Ford, Thomas Edison and so many others. These great men who helped to shape our country might have looked elsewhere, or might not hav e even taken the chance to be something more. Now that we have the basic understanding of a socialistic andRead MoreEssay on The Pursuit of Human Progress2821 Words   |  12 Pageshighly recognized lawyer in his time. In an article posted on â€Å"Beyond Chron† (An online daily newspaper for San Francisco), Randy Shaw wrote â€Å"Another reviewer concluded that Marshall, a Supreme Court justice who as an attorney argued the landmark Brown vs. Board of Education case (of Topeka Kansas), is â€Å"not an appropriate example as a historical figure of influence.†Ã¢â‚¬  He was a very relevant figure in history and should be recognized for his accomplishments. His removal from American history is veryRead MoreChapter 23-25 Notes for Ap Us History6413 Words   |  26 Pagesenacted. The Southern states also enacted literacy requirements, voter-registration laws, and poll taxes to ensure the denial of voting for the Souths black population. The Supreme Court ruled in favor of the Souths segregation in the case of Plessy vs. Ferguson (1896), declaring that separate but equal facilities for blacks were legal under the 14th Amendment. Class Conflicts and Ethnic Clashes Following the panic of 1873 and the resulting depression, railroad workers went on strike after their wagesRead MoreAmerican History Eoc Study Guide5327 Words   |  22 PagesMorgan for $480 million. He believed in the â€Å"Gospel of Wealth†- Wealthy people had a duty toward the rest of society. (pg. 469) b) â€Å"Gospel of Wealth†: A speech that including giving back to fellow men because of personal wealth. 5) John D. Rockefeller Oil: Started the oil business in 1863 and started his company Standard Oil. He used vertical integration (acquiring companies that supplied his business). He bought barrel factories, oil fields, oil-storage facilities, pipelines, and railroadRead MoreHostile, Violent, Inhumane, And Unconstitutional Efforts Of The American Indians During The Westward Expansion From 18772762 Words   |  12 Pagesthe largest American industries outside of the railroads was the oil industry. Oil was big business in America as it became one of the largest monopolies in history. John D Rockefeller through vertical and horizontal integration had by the early 1890’s controlled ninety percent of the nation’s refining capacity . With Thomas Edison research in electricity we saw an increase in new inventions and the American consumer began to desire new and more affordable goods. Companies began advertising and weRead MoreAmerican Civil Rights Movement Essay15820 Words   |  64 Pagescontrol prices. This was not illegal or even disapproved of at the time. In the 1870s and 1880s, several companies achieved spectacular size, not by internal growth, but by merger. Perhaps the most famous example is John D. Rockefellers Standard Oil Company of Ohio. Rockefeller initially created a trade association of refiners, and became its first president. Ultimately, this association became a massive, vertically integrated, centralized corporation. By 1880, the Standard Oil group or