John D. Rockefeller always treated his employees with fairness and generosity. He believed in paying his employees fairly for their hard work and often handed out bonuses on top of their regular salaries.Know More
Rockefeller was America's first billionaire. After he finished school, he went to work for a Cleveland shipping firm and while he was there, he saved every cent he could. he eventually had enough money to start his own business and he found fortune in selling produce during the Civil War.
As the years went on, Rockefeller realized that the oil business was lucrative enough and that he could become rich if he invested his money. He sold all of his ventures and began working with oil. As his fortune accrued, he paid his people a fair wage, but his critics weren't happy. They claimed he could have paid them more and had less money for himself. Generally though, his employees were grateful to have work and found the wages they were paid to be fair.
In 1937, before his death, Rockefeller gave away almost half his fortune. he donated money to universities, centers for the arts, churches and medical foundations. Some say he donated this money because he felt guilty for not paying his employees enough, while others claimed he did it strictly out of goodwill.Learn more in Industrial Revolution
John D. Rockefeller's greatest business accomplishment was the founding of the Standard Oil Company, which made him a billionaire and at one time controlled around 90 percent of the oil refineries and pipelines in the United States. His other great accomplishment was the establishment of numerous philanthropic charities through which he gave away more than $500 million.Full Answer >
Although John D. Rockefeller amassed a large sum of money during his career as an oil tycoon, most of his profits went to funding philanthropic organizations, promoting the arts and sustaining centers for education and medicine. John D. Rockefeller earned millions of dollars at a time when most American workers lived on wages of $8-$10 per week. Instead of keeping his wealth to himself, Rockefeller gave others in the American society a piece of good fortune by investing in activities and programs designed to benefit others.Full Answer >
John D. Rockefeller was able to monopolize the oil industry in the 19th century by buying out smaller companies and working with the railroad companies to put his competitors at a disadvantage. At one point, Rockefeller controlled 90 percent of the United States oil industry.Full Answer >
John D. Rockefeller was called a robber baron because many people believed he used unethical business practices to amass his extraordinary wealth. The term "robber baron" was coined in the 19th century to describe a group of industrialists who were creating enormous personal fortunes. The first known use of the term occurred in 1878, according to the Merriam Webster dictionary.Full Answer >