John D. Rockefeller

John D. Rockefeller's birthplace at Richford, New York

John D. Rockefeller aged 18 - Project Gutenberg eText 17090-crop

John D Rockefeller 1872

John-D-Rockefeller-sen

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Standard Oil Company 1878

John D. Rockefeller (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He is best known for having revolutionized the petroleum industry and defined the structure of modern philanthropy. As the founder of the Standard Oil Company, Rockefeller became one of the wealthiest individuals in history and a major figure in the development of corporate monopoly and trust practices.

Early Life

John Davison Rockefeller was born in Richford, New York, to William Avery Rockefeller and Eliza Davison. His family moved to Moravia and later to Owego, New York, before settling in Cleveland, Ohio. Rockefeller attended high school in Cleveland and took a 10-week business course at Folsom's Commercial College, which equipped him with basic accounting skills and some business acumen.

Business Career

Rockefeller entered the workforce at the age of 16 as an assistant bookkeeper. His early career was marked by a strong work ethic and a keen interest in business. In 1859, he went into the produce commission business with a partner, Maurice B. Clark. The venture was successful, but Rockefeller's interest soon shifted to the burgeoning oil industry.

In 1863, Rockefeller and several partners entered the oil business by investing in a Cleveland refinery. By 1870, he had founded Standard Oil, which quickly became the most dominant company in the oil industry. Rockefeller's business practices, which included buying out competitors and securing favorable rates from railroads, allowed Standard Oil to achieve a near-monopoly in the oil industry.

Philanthropy

Rockefeller's approach to philanthropy was characterized by his desire to apply scientific methods to solving social problems. He established several important foundations, including the Rockefeller Foundation, the General Education Board, and the Rockefeller Institute for Medical Research (now Rockefeller University). His philanthropic efforts were focused on public health, medical training, education, and the arts. Rockefeller's donations led to the creation of numerous colleges, schools, and museums.

Legacy

Rockefeller's legacy is complex. He is remembered as one of the greatest philanthropists in American history, having donated over $540 million to various causes. However, his business practices have been criticized for establishing precedents in corporate monopolies and trusts that negatively impacted competition and consumer choice.

Death

John D. Rockefeller died on May 23, 1937, in Ormond Beach, Florida, at the age of 97. His legacy continues through the ongoing work of the philanthropic institutions he established.