How did John D Rockefeller help economic growth?

Answer 1

John D. Rockefeller significantly contributed to economic growth through the establishment of Standard Oil, which revolutionized the oil industry by implementing efficient production and distribution methods. His business practices, including vertical integration and economies of scale, lowered costs and prices, making oil more accessible. Additionally, Rockefeller's investments in infrastructure, such as pipelines and refineries, stimulated job creation and fostered innovation. His philanthropic efforts later funded education and scientific research, further promoting long-term economic development.