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Study Island: A Trust
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What did John D. Rockefeller create in order to monopolize the oil industry?
Study Island: A Trust
What did Rockefeller hate most?
Rockefeller was known to dislike competition, particularly from other companies in the oil industry. He worked to establish a monopoly with his company, Standard Oil, in order to control the market and eliminate rivals.
Where was the center of 1870 oil boom industry?
In 1870, John D. Rockefeller established Standard Oil, which by the early 1880s controlled some 90 percent of U.S. refineries and pipelines. Critics accused Rockefeller of engaging in unethical practices, such as predatory pricing and colluding with railroads to eliminate his competitors, in order to gain a monopoly in the industry. There was a oil rush in Pennsylvania in the 1860s-1870s which was run by the Pennsylvania Rock Oil Company, under George Bissell.
What did John d Rockefeller get accused of being?
Critics accused Rockefeller of engaging in unethical practices, such as predatory pricing and colluding with railroads to eliminate his competitors, in order to gain a monopoly in the industry. In 1911, the U.S. Supreme Court found Standard Oil in violation of anti-trust laws and ordered it to dissolve. During his life Rockefeller donated more than $500 million to various philanthropic causes. He was accused of being rich but that became true. GOOD LUCK!!
What were the two methods that Carnegie and Rockefeller use to create companies that were deemed as monopolies?
1.)Vertical Integration: a process in which you buy out the other competitors in order to be the only one left, creating a monopoly 2.)Horizontal Integration: companies that produce the same products merge together, to create a monopoly
What government system where all property and industry are owned by the government in order to create equality?
Communism is the political system where the government takes all of the land and redistributes it equally.
Full form of kot in hotel industry?
KOT, Keep on Track. KOT, Kitchen Order Ticket (hotel industry)
What does ooo in the hotel industry?
OOO in the hotel industry means "Out of Order."
What did Rafael Trujillo monopolize to stay in political power?
Rafael Trujillo established a secret police force. He also monopolized all contracts for public works and industries in order to gain more wealth and power.
How did the US respond to change in the global economy?
by joining NAFTA the GATT and the WTOThe United States responded to changes in the global economy by creating a militaristic empire in order to monopolize all markets for US corporations.
Why is the war industry important?
When a nation is at war, it needs weapons and supplies that are produced by industry, in order to fight effectively.
What are linkage industries?
A linkage industry is an industry that depends on other industry for its output in order to provide goods and services.
