The story of John D. Rockefeller and the Standard Oil Trust is about the rise of the big oil and the commencement of monopolies. The company in subject wanted to maximize every other profit at no expense or nay necessary means, regardless of the morals and the human values being at stake. The story changed today’s society in numerous ways.
With reference to the seven levels of corporate power addressed in the text, how did the power of Standard Oil change society?
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Both Standard Oil and Rockefeller impacted deeply in the political, economic, technological, environmental, and cultural realms. For example, standard oil changed society by enhancing economic growth and fostering the development of facilities. Numerous job opportunities were also created and the development of other technologies in the land, water, and air sectors was apparent. It also brought to the limelight concerns revolving around monopolies, expectations of the public, and development of the Rockefeller business.
Was the power exercised in keeping with the social contract of Rockefeller’s era?
At the beginning of the business, the cations of the Standard oil were guided by the social contract. However, that changed and Rockefeller began deploying tactics to monopolize the industry and eliminate competition (Lamoreaux, 2019).
Does the story support the position of either the pluralist or dominance theory of business power? Also in your post, state which theory (pluralist or dominance) you personally ascribe to. Did the arguments you read on this discussion topic change your perspective? In response to your peers, critique their conclusions regarding the social contract from the perspective (pluralist theory or dominance theory) that you have been assigned. Explain your concurrence or disagreement in detail.
The story supports the dominance theory of power because of the creation of monopoly within the oil industry (Saros, 2020). Furthermore, checks and balances created the Sherman Anti-trust Act. Yet the main concern for Rockefeller was increase the value of its assets and make it apparent to the public of the shortcomings of the market.
References
Lamoreaux, N. R. (2019). The Problem of Bigness: From Standard Oil to Google. Journal of Economic Perspectives , 33 (3), 94-117.
Saros, D. E. (2020). Theories of Monopolistic Markets. Principles of Political Economy, 3e .
