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Bookmark or Share- Vindicating Capitalism: The Real History of the Standard Oil CompanyIn 1881, The Atlantic magazine published Henry Demarest Lloyd’s essay “The Story of a Great Monopoly”—the first in-depth account of one of the most infamous stories in the history of capitalism: the “monopolization” of the oil refining market by the Standard Oil Company and its leader, John D. Rockefeller. “Very few of the forty ...
- Standard Oil - WikipediaSome economists believe that Standard Oil was not a monopoly, and argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products. Critics claimed that success in meeting consumer needs was driving other companies, who were not as successful, out of the market.
- The Antitrust Legacy of Standard Oil in Today's World - TWAIn Standard Oil Co. of New Jersey v. United States (1911), the Supreme Court unanimously upheld a lower court’s ruling and ruled that the Standard Oil Trust was a monopoly that illegally restrained trade in violation of the Sherman Antitrust Act.
- May 15, 1911 | Supreme Court Orders Standard Oil to Be Broken UpOn May 15, 1911, the Supreme Court ordered the dissolution of Standard Oil Company, ruling it was in violation of the Sherman Antitrust Act. The Ohio businessman John D. Rockefeller entered...
- Antitrust and Monopoly – Energy History - Yale UniversityThe conglomerates sought to gain monopoly power that allowed them to set prices, exclude rivals, negotiate favorable contracts, and expand their market share. The Standard Oil Trust grew to control around ninety percent of the refined oil in the United States.
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