John D. Rockefeller: The Richest Man in the World - Case - Faculty & Research (2024)

Abstract

By the late nineteenth century scale and managerial hierarchies had extended to several major industrial sectors of the U.S. economy. Although the precise mechanisms often varied, this process mainly involved horizontal integration, some form of legal or administrative centralization followed by vertical integration. Standard Oil represents the canonical example of this development. Standard Oil's history is also fully intertwined with the life and career of John D. Rockefeller (1839-1937), one of the most remarkable individuals to define the landscape of American business. Rockefeller's estimated $1.4 billion net worth in 1937 was equivalent to 1.5% of U.S. GDP. According to this metric he was (and still is) the richest individual in American business and economic history.

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