From Foreign Policy · Julian E. Zelizer · · 2m
John D. Rockefeller: Business Titans' Cautionary Tale
Today's tech leaders face risks of monopolistic power and political influence similar to Rockefeller's era.
In brief
Today's tech leaders face risks of monopolistic power and political influence similar to Rockefeller's era. Modern tech giants must avoid repeating Rockefeller's monopolistic practices that eroded democracy. Originally reported by Foreign Policy.
Rockefeller's rise
Rockefeller started as a bookkeeper in 1855, built Standard Oil by 1870, and controlled 90% of U.S. oil refining by 1880.
Monopolistic power
By 1880, Rockefeller controlled 90% of the nation's oil refining market through aggressive consolidation tactics.
Public backlash
Muckraking journalists exposed Standard Oil's monopolistic practices, leading to public outrage and congressional action.
Legal battles
Congress passed the Sherman Anti-Trust Act in 1890, and the Supreme Court ordered Standard Oil broken up in 1910.
Rockefeller's legacy
Rockefeller became a symbol of Gilded Age excesses, with his wealth and power overshadowed by labor conflicts and political corruption.
Modern parallels
Today's tech leaders face similar concerns about monopolistic power, political influence, and economic inequality.
Current concerns
A 2026 poll shows more young Americans distrust AI leaders than have confidence in them.
Political ties
Tech leaders are increasingly intertwined with the Trump administration, raising concerns about business-government collusion.
Economic risks
Tech giants threaten jobs, worsen inequality, and create national security risks through their dominant market positions.
Historical lessons
Rockefeller's era shows how monopolistic power can erode democracy and lead to public backlash.
Ludlow Massacre
Rockefeller's son was involved in the 1913 Ludlow Massacre, where 20+ people died during a coal strike.
Modern implications
Tech leaders must address public concerns about monopolistic practices to avoid repeating historical mistakes.
Systemic challenges
U.S. political gridlock and wealth influence threaten reforms that could address tech monopolies.
Public trust
Young Americans increasingly distrust tech leaders, seeing them as threats to democracy and economic equality.
Historical context
The Gilded Age featured robber barons like Rockefeller who amassed wealth through industrialization while labor conditions worsened.
Current threats
Tech giants face growing pressure to limit their autonomy and address economic inequality.
The one thing
Modern tech giants must avoid repeating Rockefeller's monopolistic practices that eroded democracy.
