John D. Rockefeller (1839-1937)

A John D. Rockefeller (1839-1937) is a person.

• Context:
  • They can typically be born to William Avery Rockefeller and Eliza Davison Rockefeller.
  • They can typically possess Birth Name of John Davison Rockefeller Sr..
  • They can typically belong to upstate New York origins with Northern Baptist upbringing.
  • ...
  • They can establish Standard Oil Company in 1870 that controlled 90% of US oil by 1880s.
  • They can revolutionize oil refining industry through horizontal integration strategy and vertical integration strategy.
  • They can accumulate peak net worth of US$418 billion (inflation-adjusted) representing 2% of US economy in 1913.
  • They can pioneer modern philanthropy through establishing Rockefeller Foundation and University of Chicago.
  • They can maintain lifelong abstinence from alcohol consumption and tobacco use.
  • They can survive Standard Oil breakup in 1911 and see wealth multiply through successor companies.
  • They can fund medical research leading to near-eradication of hookworm and yellow fever in United States.
  • ...
  • They can range from being a Teenage Bookkeeper to being a Wealthiest American Ever, depending on the historical period.
  • They can range from being a Ruthless Monopolist to being a Transformative Philanthropist, based on life phase.
  • ...
  • They can be known for John D. Rockefeller Quotes, such as:
    • "The growth of a large business is merely a survival of the fittest." which reflects his social Darwinist business philosophy.
    • "I believe it is every man's religious duty to get all he can honestly and to give all he can." which captures his view on wealth accumulation and philanthropy.
    • "If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success." which reveals his innovative business approach.
    • "Don't be afraid to give up the good to go for the great." which illustrates his ambitious mindset.
    • "I always tried to turn every disaster into an opportunity." which shows his resilient business perspective.
    • "The secret of success is to do the common thing uncommonly well." which emphasizes his attention to operational excellence.
    • "Charity is injurious unless it helps the recipient to become independent of it." which reveals his philosophy on effective philanthropy.
  • ...
• Example(s):
  • Rockefeller, 1840s, his childhood years in upstate New York shaped by his con man father and religious mother.
  • Rockefeller, 1850s, when he became an assistant bookkeeper at age 16 and learned business fundamentals.
  • Rockefeller, 1860s, during which he entered the oil refining business and founded Rockefeller & Andrews.
  • Rockefeller, 1870s, when he established Standard Oil Company (1870) and began consolidating the oil industry.
  • Rockefeller, 1880s, during which Standard Oil achieved near-monopoly control of US oil refining.
  • Rockefeller, 1890s, when he began transitioning from active business to philanthropy while remaining the world's richest person.
  • Rockefeller, 1900s, the decade when he focused on systematic philanthropy and founded Rockefeller University.
  • Rockefeller, 1910s, when Standard Oil was broken up (1911) and his wealth paradoxically increased through the resulting companies.
  • Rockefeller, 1920s, during his retirement at Kykuit estate while continuing major philanthropic initiatives.
  • Rockefeller, 1930s, his final years as an elder statesman of American business and philanthropy until his death in 1937.
  • ...
• Counter-Example(s):
  • J. Paul Getty (1892-1976), who built oil wealth through exploration and international ventures rather than monopolistic refining.
  • Andrew Carnegie, who built wealth in steel rather than oil and gave away virtually all his fortune.
  • J.P. Morgan, who dominated finance rather than oil and focused on art collecting over systematic philanthropy.
  • Cornelius Vanderbilt, who built wealth in shipping and railroads rather than oil refining.
• See: Business Magnate, Standard Oil Company, Plutocrat, Robber Baron, American Philanthropist, Oil Industry Pioneer.

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References

2018

• (Wikipedia, 2018) ⇒ https://en.wikipedia.org/wiki/John_D._Rockefeller Retrieved:2018-7-22.
  • John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American oil industry business magnate, industrialist, and philanthropist. He is widely considered the wealthiest American of all time, and the richest person in modern history. Rockefeller was born into a large family in upstate New York and was shaped by his con man father and religious mother. His family moved several times before eventually settling in Cleveland, Ohio. Rockefeller became an assistant bookkeeper at the age of 16, and went into a business partnership with Maurice B. Clark and his brothers at 20. After buying them out, he and his brother William founded Rockefeller & Andrews with Samuel Andrews. Instead of drilling for oil, they concentrated on oil refining. In 1867, Henry Flagler entered the partnership. The Rockefeller, Andrews & Flagler company grew by taking-over local refineries. Rockefeller formally founded his most famous company, the Standard Oil Company, Inc., in 1870 as an Ohio partnership with William, Flagler, Andrews, Jabez A. Bostwick, and a silent partner, Stephen V. Harkness. He ran it until 1897. As kerosene and gasoline grew in importance, Rockefeller's wealth soared and he became the richest person in the country, controlling 90% of all oil in the United States at his peak. Oil was used throughout the country as a light source until the introduction of electricity and as a fuel after the invention of the automobile. Furthermore, Rockefeller gained enormous influence over the railroad industry, which transported his oil around the country. Standard Oil was the first great business trust in the United States. Rockefeller revolutionized the petroleum industry, and along with other key contemporary industrialists such as steel magnate Andrew Carnegie, defined the structure of modern philanthropy. The U.S. Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal anti-trust laws. It was broken up into 34 separate entities that included companies that would become ExxonMobil, Chevron and others. Some of them still have the highest level of revenue in the world. Individual pieces of the company were worth more than the whole, and, as shares of these doubled and tripled in value in their early years, Rockefeller became the country's first billionaire with a fortune worth nearly 2% of the national economy. His peak net worth was estimated at US (in dollars; inflation-adjusted) in 1913. Rockefeller spent the last 40 years of his life in retirement at his estate in Westchester County, New York. His fortune was mainly used to create the modern systematic approach of targeted philanthropy through the creation of foundations that had a major effect on medicine, education and scientific research. His foundations pioneered the development of medical research and were instrumental in the near-eradication of hookworm and yellow fever in the United States. Rockefeller was also the founder of both the University of Chicago and Rockefeller University and funded the establishment of Central Philippine University in the Philippines. He was a devout Northern Baptist and supported many church-based institutions. Rockefeller adhered to total abstinence from alcohol and tobacco throughout his life. For advice, he relied closely on his wife, Laura Spelman Rockefeller, with whom he had five children. A faithful congregant of the Erie Street Baptist Mission Church, he taught Sunday school, and served as a trustee, clerk and occasional janitor. Religion was a guiding force throughout his life and Rockefeller believed it to be the source of his success. Rockefeller was also considered a supporter of capitalism based on a perspective of social Darwinism and was quoted often as saying: "The growth of a large business is merely a survival of the fittest”.

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