Standard Oil Company Case

As a business grows larger and more powerful, naturally the predatory instincts take over, as companies attempt to get rid of competition. They will do this any way they can; from paying out other companies to destroy product to ruining their reputation. It was survival of the fittest in an economy which did not regulate business - laissez faire, social Darwinism, rugged individualism where the themes of the day. It is the natural goal of any business to make as much profit as it can and to eliminate its competition. When a corporation eliminates its competition it becomes what is known as a "monopoly." A "trust," means a large business. The idea of business took off during the industrial revolution that took place throughout the world in the late 1800s, monopolies have always existed just in different forms throughout the years, but that has never be taken to be a good thing. A monopoly is created when one company has a large majority of markets shares of an industry. The Standard Oil Company was the largest and strongest business back then and is still one of the strongest now. For example, the influence over the railroad systems to set up discounts and rebates helped Standard Oil to have economic and legal power. The company was using the same railroads as other companies in the industry but paying far less. Environmental power was through a clean process of refining oil and limiting pollution. The standardized oil product changed society by giving individuals a "reliable, inexpensive light and stayed up. Standard Oil had technological power and refined the oil refining process and standardized the product. John D. Rockefeller had political power due to the large amount of donations he made to the church, poor and other organizations. The limits of business power are endless.