Big Business Post Civil War

By: Lydia Stegall

John D. Rockefeller

John D Rockefeller was born in Richford, New York in 1839. He made his fortune from oil. Rockefeller set out to dominate the the oil industry. At 26 Rockefeller and four partners set up an oil refinery in Cleveland Ohio. He was able to incorporate several companies to form one corporation. Oil grew in wealth and power, becoming the most famous corporate empire of the day.

Explain how and why businesses grew

Advancements in technology and business made it possible for the country to maximize its supply of natural resources. It also helped increase production and raise the money to finance growth. Natural resources from the land helped make better production possible. Since productivity was higher more workers were needed, therefore the population more than double between 1860 as 1900. Machinery, tools and buildings were needed to produce goods. These were other necessary pieces for the success of the industrial revolution.

Explain how and why the government began to restrict oil

State governments responded to the growing oppositions to trust and monopolies. Congress passed the Sherman Antitrust Act in 1890. The law sought " to protect trade and commerce against unlawful restraint and monopoly". The reason they had this act passed was because of Public Pressure for a federal law to prohibit trusts and monopolies.