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Industrialism


            
             The growth of Industrialism began in 1865. These three people were John Rockefeller, J. All three of them made big fortunes from their businesses. John Rockefeller completely transformed the oil industry. J.P Morgan was a mastermind in the field of banking and Andrew Carnegie was a steel king. So how did these three inventors shape the industrial world lets find out.
             Railroads were very important in the industrial revolution. Railroads carried ore to factories all over. But it was very expensive. Railroads consumed large amounts of oil. This is where John Rockefeller came in. With Edwin Drake creating crude oil into kerosene, John Rockefeller was able to create a partnership, worth a stock of one million. Because Rockefeller's business was so necessary, railroad companies were able to give rebates to standard oil and raise shipping rates for competition oil refineries. He named his corporation, The standard Oil. By the time 1872 rolled around, The standard Oil controlled 25% of the nations oil refining. In 1873, a depression began and many other oil companies began to fail. Rockefeller was very wealthy by that time and was able to buy the bankrupt companies. By 1879, Standard Oil Company controlled 90% of the oil business. Rockefeller was very successful. Rockefeller was able to lower selling prices and raise worker wages. Because Rockefeller was so successful,he was able to form a trust. A trust is a type of business consolidation. There were many advantages of trusts.
             Overall, Rockfeller was very successful in the oil business because he was able to get oil for lower prices for a cheaper process.
            


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