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Research Report #24 August 2015

John Davison : Oil Tycoon and Philanthropist

Jacqulean Salib

Chien-Chung Huang

Rutgers University

This case study explores the impact John Davison Rockefeller had on America. Rockefeller was a man who came from humble beginnings and worked hard to build an empire. He developed the oil industry and the John D. . In this case study, we review the scrutiny that Rockefeller faced while building his empire and the dilemmas he faced with his foundation. In addition, we examine the milestones that Rockefeller accomplished, which made him one of the most prominent figures in America and around the world. He is known as both a businessman and an individual who donated much of his money and time to make significant changes domestically and globally. 1 Introduction later he received a little over $3 in in- thropy. From her he learned economy, John Davison Rockefeller Sr. was terest which is equivalent to about $90 thrift, and other qualities that factored born on July 8, 1839 in Richford, New today. Rockefeller quoted this as being into his success (Hamen, 2011). Al- York, to William the point in which he realized you though John’s father wasn’t around and Eliza Davison. Rockefeller was have to make money a slave to you much, he also taught John valuable born into modest circumstances, how- instead of being a slave to money. His lessons like to ever, through hard work he became other business activities included rais- always honor a contract and pay debts one of the greatest industrialists and ing turkeys that he captured, then sell- (Segall, 2001). philanthropists in the United States. ing them for profit and field work for John Rockefeller attended Fol- Rockefeller built one of the biggest oil neighbors such as digging up potatoes som’s Commercial College, in which empires with his company Standard for thirty seven and a half cents. The he took a short course on bookkeeping Oil, later creating one of the first major moved around after completing the course, John business trusts, making him one of the quite a bit. At a young age, John and would walk from place to place han- first billionaires in America. In 1913, his family moved to Moravia, New ding out his resume. Eventually John Rockefeller created the Rockefeller York, where he attended a one room found work at Hewitt and Tuttle as a foundation in which he donated his school house that his father estab- bookkeeper. In the three years spent wealth to charities worldwide that in- lished. In 1853 the family moved to there, he acquired skills on how to clude but is not limited to religious Owego where he attended Owego commission houses and how railroads causes, health related issues, art and Academy. The family finally decided and barges worked together. In the agriculture. His impact on the world is to settle in Strongsville, where midst of all that he developed his own everlasting, and his legacy lives on John finished his high school educa- style of collecting debt. When it came with many of his family members to- tion (Chernow, 2007; Hamen, 2011; to working, John was very precise and day (Schweikart, 2008). Rockefellers Segal, 2001). honest to the penny when it came to mark on American history signifies the Rockefeller wasn't the brightest of bill payments. He never rounded up or importance of examining this case children; however he was good with down. Not only did he keep an eye on study, in which we explore his life, oil numbers. Whatever he lacked under- funds at work, he also kept an eye on empire and his foundation. standing in, he worked diligently and his own funds. John kept a detailed Early Beginnings hard to try and excel in it (Chernow, ledger in which he recorded every dol- 2007). He constantly questioned his lar he spent, including charitable gi- John was the second of six chil- teachers long and hard and double ving. When Mr. Tuttle retired, John dren. John’s father was of English and checked the answers they came up took over and helped run the com- German descent and his mother of with (Segall, 2001). John never did pany. At that point John was making Scottish and Irish decent. John’s father anything without thinking. He thought about six hundred dollars a year. William was a charlatan; he travelled of every possibility and outcome be- Shortly after John left Hewitt and from town to town under the alias Dr. fore he made a move, which would Tuttle to pursue a business of his own, William Levingston with elixirs that he later play a key role in his success Hewitt and Tuttle went out of business claimed could “cure” cancer. William (Chernow, 2007). Since John’s father (Hamen, 2011; Flynn, 1932; Chernow, charged exorbitant amounts for the spent most of his time away, his mo- 2007). treatments. John’s father left his mo- ther Eliza had to play both roles. When ther with all the children for months at The Company John’s father would come back, he’d a time, leaving Eliza to raise their six In 1859, before he turned twenty, play the part of the more laid back and children and tended to the farm on her Rockefeller decided to start his own playful parent, leaving Eliza to play own (Flynn, 1933; Chernow, 2007). business with Maurice Clark, a class- the role of the disciplinarian parent. At a young age, John learned the mate he met in Folsom. Maurice and She was very stern with John and his value of working and making money. John agreed to put in $2,000 each to siblings however, she never raised her As a child, he bought large amounts of start the business. At the time, John voice at them. Eliza used to always candy, portioned them out and sold only had $1,000 that he saved from take John and his sibling to church and them to his brothers and sisters. He working at Hewitt and Tuttle. His fa- have them donate some of their also discovered the power of lending ther advanced him $1,000 that he had earnings to the church (Chernow, money and charging interest, while intended to give him for his 20th birth- 2007). Rockefeller noted his mother’s lending money to a neighbor. A year day. John was a natural when it came altruism as the origin of his philan-

2 to running a business and making it 2007; Granitz & Klein, 1996: Folsom, peal, however, in 1911 they were successful. It was no surprise that in 1988). found guilty and told they had six the first year, the business turned a Standard Oil and Legal month to dissolve the company (Boyd, profit. Their business grew even more Issues 2001; Larson, 1955). Due to the scruti- during the Civil War era. In 1863, In 1881, along with the Standard ny and several legal issues Standard when the oil business was still very Oil Company, Rockefeller owned forty Oil faced, many were skeptical about new, Rockefeller started investing in companies. In 1882, in order to gain accepting money that Rockefeller do- the Ohio refinery with sev- cost advantages and to appear more nated. In one particular case, Rockefel- eral partners. John and Maurice joined legitimate, Rockefeller combined all ler had donated $100,000 to The Amer- with two of Maurice's brothers as well his companies into one, The Standard ican Board of Commission for Foreign as experienced oil refiner Samuel An- Oil Trust. The trustees were given con- Missions of Congregational church. drews to form Andrews, Clark & Co. trol over all Standard Oil properties, One of the leading ministers did not The following year Rockefeller mar- and properties that were affiliated with want to accept the donation, stating ried Laura Celestia Spelman (Beatty, Standard Oil. Each shareholder of that the money was tainted. However, 1998; Poole, n. d.). Standard Oil was given shares, with the board of the organization decided In 1865, due to finance disagree- Rockefeller holding the majority of the to accept it (Boyd, 2001; Larson, 1955). ments, John decided to barrow money shares. Standard Oil Trust controlled By 1914, Rockefeller’s net worth and buy out the Clark brothers. He about 90% of all kerosene produced in was well over $1 billion, equivalent to created a new business with Samuel the United States (Chandler, 2001; what is currently about $13.8 billion. Andrews named Rockefeller & An- Boyd, 2001). Several oil companies today, such as drews. By the age of 24, Rockefeller Although Standard Oil Trust ap- BP, Chevron and Exon-, are the leveraged the business and expanded peared to be legal on paper, it was an products of the companies that Stand- intensely. Rockefeller put all profits Ohio company controlling out of state ard Oil broke up into (Hylton, 1992). back into the business and continued interests, which was illegal. In 1892, Foundation Beginnings to strengthen it. In 1866, John had his the Supreme Court dissolved the trust. In 1896, at the age of 57, Rockefel- Brother William come into business The eighty-four companies in the trust ler retired from leadership of Standard with him to help manage the New were reorganized into twenty constitu- Oil in order to focus on philanthropy. York office (Chernow, 2007; Beatty, ent companies. In 1899, the business Impressed by in the 1998; Poole, n. d.). became a part of Standard Oil of New late 1800’s, Rockefeller wrote to him, “I In 1870, Rockefeller founded the Jersey, which functioned as a holding would that more men of wealth were Standard Oil Company with his broth- company. In 1904, the Standard Oil doing as you are doing with your er William and partners Samuel An- Company was negatively publicized money, but be assured your example drews, , Stephen Hark- again. This time, a few of their opera- will bear fruits and the time will come ness and O. B. Jennings. Rockefeller tions were being sued by eleven states. when men of wealth will more gener- was the president and the largest In 1907, Judge Kensaw Mountain Lan- ally be willing to use if for the good of shareholder of the new business. His dis ruled that Indian Standard would others” (Nasaw, 2007). From 1896 till thoughts were that the state of the oil be fined over $29 million for illegally his death in 1937, John Davison Rocke- business was in disarray because of receiving rebates on oil shipments feller Sr. focused strictly on philanthro- low entry costs. This resulted in a mar- (Boyd, 2001; Raymond, 1911; Monta- py and contributed greatly to his ket filled with oil, which in turn lead to gue, 2001). church and other charities. Rockefeller pollution as refiners disposed oil by- Standard Oil was hit with a federal hired a reverend who worked with the products into bodies of water around case once again in 1907. This time they American Baptist Education Society by the city .Rockefeller thought the best were charged for violation of the Sher- the name of Reverend Fredrick T. solution was to buy out the small com- man Antitrust Act, which was created Gates, to help manage his philanthro- panies since he felt they hurt larger in 1890 in order to prohibit trusts that py (The Rockefeller Foundation, 2014). companies such as his own. By 1872, restrained trade. The case had over 400 Gates and Rockefeller’s son John Da- Rockefeller had obtained possession of testimonials from witnesses and lasted vison Rockefeller Jr. helped John Da- almost all the oil refining firms in until 1909. The District Court in St. vison Rockefeller Sr. establish multiple Cleveland; In addition, he owned two Louis had a solid case and ruled that institutions that are important today in refineries in (Chernow, Standard Oil must be abol- philanthropy, medicine, public health, ished. Standard Oil attempted to ap-

3 and science (Rockefeller Foundation, In 1915, in response to the malaria gram was dissolved during World War 2014). epidemic, the foundation established II. Over the decades the Foundation In 1913, Rockefeller established multiple research centers around granted nearly $14 million in the fight The Rockefeller Foundation to South America, Europe and Asia. In against yellow fever, in 1935, in the "promote the well-being of mankind 1917, Peking Union Medical College Foundations New York laboratories throughout the world” (Rockefeller opened up in China for pre-med stu- they developed a vaccine that prevent- Foundation, 2014). Giving money to dents. In 1919, a Division of Medical ed yellow fever. The Foundation also the church was important to John. He Education was established in order to decided to immerse in new fields in felt that it was his religious duty to improve several prestigious medical humanities and arts. In 1936, the Foun- make an honest living and give every- schools domestically and to help place dation started funding the develop- thing that could be given. The first medical schools around the world to ment of the clinical use of penicillin, year, Rockefeller made a gift of $35 improve research (The Rockefeller the Foundation also funded a project million. The following year he almost Foundation, 2014). in the University of Wisconsin, which doubled his gift and gave $65 million 1920-1929 lead to Americas first ultracentrifuge. (Rockefeller Foundation, 2014). In 1921, the foundation funded In 1938, the Foundation provided 1913-1919 ’s and the Univer- grants to the Authors League of Amer- The first board of trustees meeting sity of Michigan's school of public ica and in 1939, to the National Theatre was held on May 22, 1913. John’s only health. They also launched a plan to Conference (The Rockefeller Founda- son John Davison Rockefeller Jr., who place schools around the world, tion, 2014). was 39 at the time, was named presi- spending over $25 million over the 1940-1959 dent. John Rockefeller Sr. decided not decades to form schools in Prague, In 1946, ’s to attend any meetings since he felt Warsaw, London, Toronto, Copenha- Russian Institute opened with financial that those more experienced in philan- gen, Budapest, Oslo, Belgrade, Zagreb, help for the Rockefeller Foundation. In thropy should be the ones working out Madrid, Cluj, Ankara, Sofia, Rome, 1947, $10 million was granted to the the details and making decisions. Tokyo, , Bucharest, Stockholm, China Medical Board, which was the Health was a big part of the founda- Calcutta, Manila and São Paulo. last grant given to the Pecking Union tion’s framework; as a result the foun- Currently the Rockefeller Foundation Medical College. In 1948, the Founda- dation’s first grant of $100,000 was has granted about $357 million to tion’s made to the Red Cross in March 1913. schools of public health around the division of social science, health and The grant was used to purchase prop- globe. In 1927, John Davison natural science combined to fund the erty for the Red Cross headquarters. Rockefeller made another donation to first effort to survey socio-economic The foundation also granted money to the Rockefeller Foundation, bringing conditions in developing countries. In John Hopkins University to extend its his total donation amount to $183 1949, a 12-year program was devel- model system to medicine, surgery million which today is equivalent to oped in order to help members of one and pediatrics (Rockefeller foundation, $2.8 billion. In 1928, the foundation culture understand the members of 2014). divided its focuses into five groups, another culture. In that same year, a Rockefeller expanded his work on which included; international health, biochemist by the name of Erwin Char- the Sanitary Commission for Eradica- medical sciences, natural sciences, gaff whom the Foundation supported tion of Hookworm Disease overseas, social sciences, and humanities (The announced the “Chargaff Ratios” due to its domestic success, the project Rockefeller Foundation, 2014). which was crucial in the development to create the International Health com- 1930-1939 of the description of the DNA struc- mission was granted $25,000, marking In 1931, the Foundation provided ture. In 1950, broad-scale support was it the first grant that was granted out- support to reproductive biology, given to research in genetics to help side of the United States. The Founda- which later led to the development of establish centers and build depart- tion also began its support of the Bu- newer and more effective contracep- ments in several universities around reau of Social Hygiene. The goal of the tives. In 1934, the Foundation showed America and several around the world Bureau was to provide education on its first interest in agriculture. They set (The Rockefeller Foundation, 2014). birth control, sex education, and men- up a program of rural reconstruction 1960-1979 tal health. (The Rockefeller Founda- in China. The program also included In 1960, the Foundation supported tion, 2014). sanitation, preventive medicine and the first international Rice Research community work, however the pro- institute which was developed in the

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Philippines. In 1963, the Foundations through this the AIDS Vaccine Initia- In 1919, Pecking Union Medical launched The University Development tive was developed. From 1997-1999 College opened its doors. When the program which was later renamed the the Foundation continued to aid in project first began it was estimated to Education for Development Program. efforts to better health around the cost $1 million dollars. However, ex- The program was created to form new world (The Rockefeller Foundation, penses grew and in 1921, the project leaderships in developing countries. 2014). finished at $8 million. Due to the high The program was granted $125 million 2000-2009 expenses of the project, Rockefeller and focused on agriculture, public In 2000, the Foundation joined the decided to terminate his plans of add- health, medicine, and social sciences. Carnegie Corporation, the Ford Foun- ing a medical school to Shanghai Uni- The program lasted 20 years ending in dation, and John D. and Catherine T. versity (The Rockefeller Archives, N. 1983. In that same year, the Founda- MacArthur Foundation to support the D.). tion gave out grants totaling $85.5 mil- improvement of higher education in- The College’s contribution to- lion to aid African American students stitutions in African countries. From wards medicine in China was extreme- in College. In 1969, the Foundation 2005 to 2006, the Foundation granted ly beneficial to modern medicine in began its support for projects dealing over $6 million to the areas affected by China; however, it was also slightly with inner city studies. From 1970 to Hurricane Katrina to rebuild neighbor- limited. Due to the school’s high 1978, the Foundation funded a variety hoods and economic redevelopment. standards and the language barrier, of fields in America and around the In 2006, the Rockefeller Foundation since the curriculum was strictly in world including: dance, biomedical teamed up with the Bill & Melinda English, there were only 313 doctors research on diseases in developing Gates Foundation and granted $150 that graduated from 1924 to 1943. countries, humanities and agriculture. million to train and support African However many of the students who In 1979, the Foundation re-entered scientists to improve agriculture. In graduated were offered CMB grants China after decades of tension in order 2009, the Foundation launched its Im- and continued their studies abroad. to establish an institute of develop- pact Investing Initiative, the Founda- Many of the scholars returned to Chi- mental and reproductive biology at the tion also launched the Asian Cities na and became leaders in medical ad- Chinese Academy of Sciences in Bei- Climate Change Resilience Network to ministration, teaching, and scientific jing (The Rockefeller Foundation, asses climate change risks (The Rocke- research (The Rockefeller Archives, N. 2014). feller Foundation, 2014). D.). 1980-1999 China Medical Board and Mod- Not only did Peking Union Medi- In 1980, the Foundation launched ern Medicine in China cal College open the doors for doctors, the International Clinical Epidemiolo- they also opened the doors for nurs- In 1914, The China Medical Board gy Network. The network was set up ing. Before the school opened there was established in order to develop a in developing countries in order for where less than 300 trained nurses in system of modern medicine in China. physicians to be able to research China, with the majority of them being The Foundation’s goal was to develop threatening health conditions in their male. Peking Union Medical College modern medical schools in two of Chi- country. In 1987, a program was set up appointed Anna D. Wolf from John na’s Universities which included Pe- to deal with poverty in America. In Hopkins University to create a training king University and Shanghai Univer- 1989, the Foundation launched three program to train qualified women to sity. In 1915, the Rockefeller Founda- initiatives; a global environmental pro- increase the status of Nursing in Chi- tion purchased the Union Medical Col- gram, a domestic program of school na. Within five years Anna Wolf creat- lege from the London Missionary Soci- reform, and a program in international ed a program that was comparable to ety in China. Over the span of six security. In 1991, the Foundation U.S. standards (Barnes, 2009). years, the foundations appointed fifty teamed up with the United Nations In 1930, a Chinese Ministry of Ed- professors, and expanded the facilities Development Programme, UNICEF, ucation assessed Peking Union Medi- that became the Pecking Union Medi- WHO, and the World Bank to for the cal School and urged them to increase cal College. The college sat on 70 acres Children’s Vaccine Initiative, to protect their acceptance rate and create classes of land with several facilities that in- children against bacterial and viral that could accommodate those who cluded a hospital, classrooms, labora- disease. In 1996, the Foundation sum- could not speak English in order to tories, and residences (The Rockefeller moned a group of experts in HIV/ produce a higher number of graduates. Archives, N. D.). AIDS to find a vaccine that is afforda- Tension began to build in the 1930’s ble and that can be used worldwide, between the Rockefeller Foundation

5 offices in New York and Pecking Un- gest names in America and around the 1937, Rockefeller left behind an unfor- ion Medical College, because of their world. From childhood to adulthood gettable legacy that continues to blos- disagreements on which direction the he worked diligently to come up with som. school should go in (The Rockefeller new and inventive strategies to make Archives, N. D.). In 1937, there were the most profit. Rockefeller made sure talks of making Peking Union Medical to always keep track of how he spent College less westernized by putting in which was a huge basis to his success. more Chinese professors in position of From a young age it was instilled in leadership and making the curriculum him to give what he could to church bilingual. However the Japanese inva- which stuck with him through adult- sion in 1937 put a damper on the pro- hood. John Davison Rockefeller built gression. The effects of the war on his empire on honesty, faith, and good Medical Education were devastating, intentions. Although he was faced only 5 of the 33 medical pharmacy and with several legal issues, he never dental schools were untouched. Alt- ceased to reach his goal of helping oth- hough some faculty from Pecking Un- ers. The Rockefeller Foundation had ion Medical College fled to assist with funded many initiatives focusing on war related health programs, the col- the wellbeing of people all around the lege continued to operate. In 1947 the world. By the end of his life Rockefel- Rockefeller Foundation made a termi- ler had an estimated net worth of over nal grant of $10 million to the China $300 billion. As of the closing of 2012 Medical Board, however in 1951 the The Rockefeller Foundation was Peoples Republic of China national- ranked #16 on the top 100 U.S. Founda- ized Pecking Union Medical College tions based on assets, ending with and severed ties with both the Rocke- $3,695,617,868. They ranked #44 on the feller foundation and China Medical top 100 U.S. Foundation based on total Board (The Rockefeller Archives, N. giving’s, ending with a total of $135, D.). 082,747 in grants. Despite the termination between The Rockefeller Foundation has the college and the Rockefeller Foun- celebrated its Centennial in 2013. The dation and the China Medical Board, foundation noted that innovation must both the Foundation and Board contin- be at the heart of all that they do, and ue to have a substantial influence on that it is what has made everything the modern medicine in China, due to the Rockefeller foundation has accom- many contributions they made. They plished possible. In order to solve fu- provided many scholarships for stu- ture issues, the Rockefeller Founda- dent to continue their education tions goal is to continue to seek out abroad, medical texts were translated, and support new innovations that will medical libraries were established, make long lasting impacts on the they made small contributions to other world. Currently the Rockefeller Foun- missionary hospitals, and their school dation is focusing on issues dealing produced assets to Chinas health sys- with Health, Resilience to Climate tem. The Hospital is still ranked num- change, Food, Human Welfare, Gender ber 1 in China. The campus now hous- Equality, Transportation, Agriculture es the Chinese Academy of Medicine and Job creation. There are 75 institu- (The Rockefeller Archives, N. D.). tions that came from both John D. Conclusion Rockefeller and his dependence with Being born into moderate circum- over 50 of them still active. Some or- stances John Davison Rockefeller ganizations created entirely or partial- worked hard to become one of the big- ly by the Rockefeller family are listed in Table 1. With his death in May of

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Table 1: Institutions Associated with the Rockefeller Family

Institution Founder Years Active Purpose

John D. Rockefel- ler Sr. & the The 1890- Present Research University American Baptist Education Society

John D. Rockefel- Provide educations on biological and The ler and Fredrick T. 1901- Present medical science Gates

John the 3rd, Nel- To support projects of interest to them, it son, Winthrop, Rockefeller Brothers Fund 1940-Present helped them to share research and coordi- Laurence and Da- nate philanthropic activities vid Rockefeller

John D Rockefel- To promote family planning/ reproduc- 1952- Present ler the 3rd tive health

To span the philanthropic interests of the Martha, John, Lau- third and fourth generations of the Rock- Rockefeller Family Fund rence, Nelson, and 1967-Preseant efeller family, the fun focusses in public aesthetics, Education, Equal Furthering education, economic develop- Founda- Winthrop Rocke- 1974–Present ment, and racial and tion feller Social justice in . Leaders from prominent corporations and nonprofits along with educational institu- Partnership For New York tions that work together with government David Rockefeller 1979- Present City agencies to tackle issues dealing with economic development, education and housing The fund focusses on Criminal Justice David Rockefeller David Rockefeller Fund 1989- Present and the environment and Wife Peggy

Provide support to charitable and public The Laurence S. Rockefeller Laurence S. Rock- organizations that had the same charitable 1991-Present Fund efeller interests as he did

Rockefeller Philanthropy Ad- Rockefeller Fami- To help donors make thoughtful, effec- 2002-Present visors ly tive philanthropy throughout the world.

Source: The Rockefeller Archives

7 Resources Larson, H. M. (1955). History of Stand- The Rockefeller Foundation. 2014. Barmes, E. N. 2009.he Rockefeller ard Oil Company (New Jersey). About The Rockefeller Founda- Foundation's China Medical Board Harper. tion. Retrieved from: and Medical Philanthropy in Montague, G. H. (2001). The rise and http:// Wartime China, 1938-1945. Re- progress of the Standard Oil Com- www.rockefellerfoundation.org/ trieved from: http:// pany. The Minerva Group, Inc.. about-us www.rockarch.org/publications/ Nasaw, D. (2007). Andrew Carnegie. The Rockefeller Foundation. 2014. Mo- resrep/barnes.php Retrieved from: http:// ments In Time. Retrieved from: Beatty, J. 1998. A Capital Life. Re- books.google.com/books? http:// trieved from: http:// hl=en&lr=&id=ni0EsmebjYwC&oi= www.rockefellerfoundation.org/ www.nytimes.com/ fnd&pg=PR11&dq=Andrew+Carne Schweikart, L. (2008). 48 Liberal Lies books/98/05/17/ gie+By:+David+Nasaw,+2006&ots= about American History:(that You reviews/980517.17beattyt.html geKpG9xo- Probably Learned inSchool). Pen- Boyd, J. (2001). The rhetoric of arro- Ha&sig=VyA6g3JaEO27TFh0- guin. gance: the public relations re- C6sbYR- Yergin, D. (2011). The prize: The epic sponse of the Standard Oil Trust. KJkQ#v=onepage&q=Andrew% quest for oil, money & power. Si- Public Relations Review, 27(2), 163 20Carnegie%20By%3A%20David% mon and Schuster -178. 20Nasaw%2C%202006&f=false Chandler, A. D. (1990). The enduring Poole, K. N. D. Biography: John D. logic of industrial success. Har- Rockefeller, Senior. Retriever from: vard business review, 68(2),130- http://www.pbs.org/wgbh/ 140. americanexperience/features/ Chernow, R. (2007). Titan: The Life of biography/rockefellers-john/ John D. Rockefeller, Sr. Random Priest, G. (2012). Rethinking The Eco- House LLC. nomic Basis of The Standard Oil Flynn, J. T. (1932) God's gold: The sto- Refining : Dominance ry of Rockefeller and his times. Against Competing . Re- Ludwig von Mises Institute. trieved from: http:// Granitz, E., & Klein, B. (1996). Monop- web.law.columbia.edu/sites/ olization by" Raising Rivals' default/files/microsites/law- Costs": The Standard Oil Case. economics-studies/Priest,%20G% Journal of Law and Economics, 1- 20-%202012%20Fall %20WS.pdf 47. Raymond, R. L. (1911). The Standard Hamen, S. E. (2011). John D. Rockefel- Oil and Tobacco Cases. Harvard ler. Retrieved from: http:// Law Review, 31-58. books.google.com/books? The Rockefeller Archives. (2014). Med- hl=en&lr=&id=4eKsluRCOT0C&oi icine in China. Retrieved from: =fnd&pg=PP1&dq=john+d+Rockef http://rockefeller100.org/exhibits/ eller&ots=skkl0wFfG0&sig=_EAM show/education/china-medical- UkWu2k5p0m3OdWNauRa8Nos# board v=onepage&q=john%20d% The Rockefeller Archives. (2011). Rock- 20Rockefeller&f=false efeller Philanthropy: A Selected Hylton, R. (1992). Rockefeller Family Guide. Retrieved from: http:// Tries to Keep A Vast Fortune From www.rockarch.org/philanthropy/ Dissipating. Retrieved from: pdf/RockefellerPhilanthropy.pdf http:www.nytimes.com/1992/02/16 The Rockefeller Foundation. (2014).The /us/rockefeller-family-tries-to-keep Rockefeller Foundation Annual -a-vast-fortune-from- Report. Retrieved from:https:// dissipating.html www.rockefellerfoundation.org/ about-us/governance-reports/ annual-reports/

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