Standard Oil Company organized
1 Jan 1870
Causes: Rockefeller dominated the shrinking (due to electricity) oil industry by starting his Standard Oil Company.
People: John D. Rockefeller
Effects: Standard Oil became a monopoly (gained control of an entire industry) with horizontal (small companies make up 1 big company) and vertical (1 company owns raw materials + product) integration with enough power to hugely control both poor workers, the government, & the pro-business court.