When the public realized that Rockefeller continued to control the crude oil refining industry at an alarming rate, and that the standard oil company also received large rebates from the railway company, they rose to protest and in 1872 forced the Pennsylvania Parliament to withdraw the Southern Reform Company. business license. But Standard Oil is still using the same means to continually strengthen its control over the crude oil refining industry. Rockefeller has extended his control to many other aspects of the oil industry. Rockefeller owns or controls 90% of the refinery industry in the United States. After the promulgation of the Sherman Antitrust Law, the Ohio High Court dissolved the organization of the Standard Oil Company Trust in 1892, but this law has had little effect on breaking the monopoly of standard oil companies. Standard Oil Company continues to operate only through conditions reached between employers in different management positions. By 1899, Standard Oil was once again under centralized control, while a standard oil company in the form of holdings was established in New Jersey.

Metal industry

In the decade after the Civil War, the country’s steel industry became a vital industry like the oil industry. The development of each industry depends to a large extent on the organizational power of a character. For example, in the steel industry, the character is Andrew Carnegie, an immigrant who moved from Scotland to the United States. In 1872, Carnegie and a group of partners formed a project to build a $1 million steel mill. Carnegie Steel Corporation has grown rapidly. Carnegie was busy expanding his business, and the result was a very fierce attack. He controlled his price and production to reach his own attempt; he forced the partners to return the company’s shares when they retired or resigned; he kept the steel tax as high as possible; and he shared the railway company’s rebate plan. When the expected profit changes, he can judge the situation, but when the change appears too risky, he will still have reservations. Carnegie was able to buy its competitors by accumulating huge profits by means of management. In the 1890s, he established a completely unified enterprise.Click Here For More.

By 1900, Carnegie was preparing to retire. Carnegie claimed: “It is a shame that a person dies with wealth…” He is eager to be a philanthropist, and later Carnegie exchanged his industry for $492 million. In his philanthropy, Carnegie expressed a different concept from the Americans’ beliefs and values, and changed the beliefs and values of Americans in the late nineteenth century. On the one side, he believed the Darwinism in earnest, on the other side, he strongly believed the social responsibility of capitalist. He supports a high estate tax, which can punish those selfish millionaires, and can effectively guide the rich to realize that the wealth he has in his life is only temporarily kept by him, and he can consider it when he is at the end of his life. Put the wealth feed back to the society for the benefit of mankind is the most valuable thing.

American Economy – From Business to Capitalism (III)

Leave a Reply

Your email address will not be published. Required fields are marked *