John Davison Rockefeller was born on July 8, 1839 in Richford, New York. At age 16, after finishing high school, he got his first job as an assistant bookkeeper. At age 20, he began entering into business partnerships in the field of oil refining. At age 31, he founded the Standard Oil Company that he ran until 1897.
As the motor car industry emerged, the demand for gasoline exploded and Rockefeller, who controlled 90% of all the oil in the United States, became the wealthiest American citizen. He revolutionized the petroleum industry by using his superior business acumen to reduce the cost of oil. However, Standard Oil’s monopoly on the oil industry prompted the Supreme Court to rule in 1911 that the company was in violation of anti-trust laws and must be dismantled. It was subsequently divided into 34 separate entities, including companies that would become ExxonMobil and Chevron Corporation, among others. As these companies expanded, Rockefeller’s wealth reached about 2% of the US national economy and he became the first billionaire in the United States.
In his later years, Rockefeller became a great philanthropist. He established foundations dedicated to research in medicine, education, and science. He also founded the University of Chicago and Rockefeller University and funded the establishment of Central Philippine University in the Philippines.
Rockefeller believed strongly in capitalism and social Darwinism, often stating, “The growth of a large business is merely a survival of the fittest”.
