How did trust by companies like standard oil benefit and damage the u. s economy during the late 19th century?

Question

History

Swiss Miss

4 March, 08:32

How did trust by companies like standard oil benefit and damage the u. s economy during the late 19th century?

+4

Answers (2)

Know the Answer?

Nathaniel Mcdonald · Answer 1

Since its inception until the dissolution of the company Standard Oil succeeded in controlling the routes of transportation, primarily the railroads and pipeline ... One thing that these deals did that benefited the economy was that increased efficiency in the railroads as well as the refineries. On May 15, 1911, the Supreme Court ordered the dissolution of Standard Oil Company, ruling it was in violation of the Sherman Antitrust Act ... Rockefeller entered the oil industry in the 1860s and in 1870, and founded Standard Oil with some other business partners. The popular explanation of this case is that Standard Oil monopolized the oil industry, destroyed rivals through the use of predatory price-cutting, raised prices to consumers and was punished by the Supreme Court for these proven transgressions.

Gilberto Woods · Answer 2

Since its inception until the dissolution of the company Standard Oil succeeded in controlling the routes of transportation, primarily the railroads and pipeline ... One thing that these deals did that benefited the economy was that increased efficiency in the railroads as well as the refineries.