Why is the Standard oil case so important in American history?

Answer 1

The Standard Oil case was the first time the government permitted businesses to sue their competitors for being too efficient and for being too successful. Contrary to myths that are frequently spread, businesses hate the idea of true Capitalism and prefer Mercantilism (our current economic system), because they want the safety net that a government handout can provide rather than a system that benefits the people and increases the wealth of all citizens.

Similar to the Microsoft case, Standard Oil was also losing its market share prior to the case. It was being attacked by JP Morgan, a jealous rival of Rockefeller, whom had assassinated Rockefeller puppet President McKinley (through an "anarchist" who was actually a Republican whom had drawn the suspicion of the actual anarchists; he was as much an anarchist as Lee Harvey Oswald was a Communist and its now proven that Department of Education namesake LBJ, a few CIA agents, and some French guy killed Kennedy), leading to Morgan puppet President Teddy Roosevelt becoming president. Likewise, Microsoft would later be attacked by its jealous rivals, who were making a complex computer operating system called Linux and hated the idea that Microsoft was beating them in competition despite the fact that Linux is free and Windows costs money.

One of the supporters of the Sherman anti-trust act, Rep. William Mason argued in favor as follows, though it is extremely telling

"trusts have made products cheaper, have reduced prices; but if the price of oil, for instance, were reduced to one cent a barrel, it would not right the wrong done to people of this country by the trusts which have destroyed legitimate competition and driven honest men from legitimate business enterprise"

He admits that trusts made products cheaper (contrary to the "robber baron" myth), however he claims that the price of oil, if it were reduced to a penny a barrel would be right because other less efficient companies went bankrupt. This should be pretty telling about the real motives of anti-trust and it should also be telling about the people who are attacking Wal-Mart nowadays for doing the same thing that Standard Oil did, to the great benefit of the people.

Answer 2

For whatever class your doing this for be sure to tell your teacher that this is was the main thing someone remembered from A.P. American History class.

J.D. Rockefeller owned Standard Oil. He was as rich as well...the Rockefellers (haha, that's a joke my boy.) Basically he was extraordinarily wealthy because he had a MONOPOLY on all of the oil. Since he owned all the oil HE determined how much it would sell for and how much of it he wanted to sell.

Well, he got sued and the government decided to break up the company into smaller companies because he had a MONOPOLY.

Now companies are not allowed to become too large. Monopolies are illegal.

This has been seen several occassions in modern times. The first one I remember is with AT&T being broken up into smaller companies back in the 80s.

Also, the local gas and electric companies were broken up so that other companies could compete against the main ones such as in Ohio, D.P.&L, and C.G&E.

I'm not sure how this one fits in, but I'm pretty confident it's the same idea...Microsoft was forced by lawsuit to tell their secrets to the smaller companies who couldn't compete with big Microsoft (boo-hoo for them). That really stunk because Bill Gates made Microsoft what it is and he had to help the little guy competition because the government said so!

Totally unfair and against the American prinicipals of free enterprise. He should not have been forced to tell anybody anything. They even made him sell the Windows Operating Systems with competitors internet usage programs.

Windows Systems had been sold with Internet Explorer, but he was forced to include the losers' programs because they (waah, couldn't compete).

Answer 3

The reason why the Standard Oil company case is important because it was the case that tried to eliminate monopolies in the US. It was also the beginnings of the FTC being a watchdog on how business is conducted equitably. Monopolies needed regulation because of potential price gouging and elimination of free enterprise,which is the backbone of capitalism.

Answer 4

One, judging from the certainty that Libertarian applicants many times acquire below a million% of the votes in very almost each election, I doubt all of us buys into Libertarianism. 2d, your analogy is inaccurate and fake. You liken capitalism to a specialist activities team beating the crap out of a gaggle of little little ones. besides the fact that, the choice is actual - state socialism is like letting a gaggle of little little ones beat the crap out of the expert team via giving a million,000,000 handicaps and all different varieties of particular therapy because of the fact they are little little ones. It additionally implies the little little ones have been in no way given a gamble to become execs themselves.

Answer 5

;oij