ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the world’s wealthiest men and a major philanthropist. Born into modest circumstances in upstate New York, he entered the then-fledgling oil business in 1863 by investing in a Cleveland, Ohio refinery.

Detailed explanation-2: -Entrepreneur John D. Rockefeller rose from his humble beginnings to become the richest man in the world by founding the Standard Oil Company that controlled the American economy. He is credited for revolutionizing the petroleum industry and defining the structure of modern philanthropy.

Detailed explanation-3: -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.

Detailed explanation-4: -His fortune primarily came from his firm, Standard Oil Company, which grew to dominate the oil industry and become the first great American business trust. Through Standard Oil, Rockefeller controlled ninety percent of all oil in the United States, making him one of the most powerful businessmen in American history.