Rockefeller: The Richest American Who Ever Lived | 5 Minute Video

Summary

John D. Rockefeller, America's first billionaire, was a complex figure known as both 'the most hated man in America' and 'the world's greatest giver.' He revolutionized the oil industry by making kerosene affordable, contributing to the rise of the American middle class and industrial power. Despite his wealth, Rockefeller lived modestly and was deeply religious, donating half his wealth to charity. His innovations in recycling oil waste and supporting education and medical research left a lasting impact. Yet, his legacy is often overshadowed by his portrayal as a greedy capitalist, suggesting a need for a reevaluation of his contributions.

Takeaways

• 💼 John D. Rockefeller was known as 'the most hated man in America' yet also recognized as 'the world's greatest giver'.
• 💰 He was America's first billionaire and donated half of his wealth to various causes.
• 🏭 As a 'Robber Baron' of the Gilded Age, Rockefeller played a significant role in shaping the American middle class and the nation's industrial growth.
• 🏡 Despite living in luxury, Rockefeller was concerned about spoiling his children and dressed them in second-hand clothes.
• 🕯️ His major contribution was making kerosene affordable, which revolutionized home lighting and heating, benefiting the masses.
• 🔍 Rockefeller was meticulous in his business practices, focusing on customer savings and ensuring high-quality products at low costs.
• 🌱 He was an early environmentalist, reusing oil waste and finding multiple uses for every component of oil, contributing to the development of industries like automotive.
• 💼 Rockefeller was a hands-on leader, valuing employee contributions and rewarding innovation, which led to labor harmony and technological advancements.
• 🏛️ He was a significant philanthropist, supporting churches, educational institutions like the University of Chicago and Spelman College, and medical research.
• 📚 Rockefeller's legacy is complex; while he did immense good, he's often remembered for the negative aspects attributed to him, suggesting a need for a reevaluation of history's portrayal.

Q & A

What was John D. Rockefeller's impact on the American middle class?

John D. Rockefeller was instrumental in the creation of the American middle class and the development of America as a great industrial power through his contributions to the oil industry and job creation.

How did Rockefeller's business practices contribute to the affordability of kerosene?

Rockefeller's focus on efficiency, innovation, and attention to detail at Standard Oil enabled him to produce and sell kerosene at a price that was affordable to the masses, making it a viable alternative to candles and coal.

What was Rockefeller's stance on environmental practices in the oil industry?

Rockefeller was a pioneer in environmental consciousness for his time, disliking the practice of dumping oil waste into rivers and instead advocating for the recycling and finding uses for every component of the oil.

How did Rockefeller's innovations in oil refining affect the automobile industry?

Rockefeller's innovations in oil refining, particularly the production of gasoline as a by-product, were crucial for the emergence of the automobile industry, as his cheap oil provided the fuel needed for vehicles like Henry Ford's Model-T.

What was Rockefeller's approach to philanthropy throughout his life?

Rockefeller was deeply religious and followed the principle of giving, donating a portion of his income to charity from his teenage years until his death. His philanthropy included support for churches, educational institutions, and medical research.

Why is Rockefeller often remembered as 'the most hated man in America' despite his philanthropy?

Rockefeller's reputation as 'the most hated man in America' may stem from his role as a 'Robber Baron' during the Gilded Age and the public's perception of his wealth accumulation, which overshadowed his philanthropic efforts.

What was Rockefeller's philosophy on the relationship between business and the customer?

Rockefeller believed in the importance of saving customers money and providing them with high-quality products at affordable prices, which was reflected in his business practices at Standard Oil.

How did Rockefeller's childhood and upbringing influence his life and business decisions?

Rockefeller's childhood experiences, including his father's infidelity and his mother's religious teachings, instilled in him a strong work ethic and a commitment to his faith, which guided his life and his approach to business and philanthropy.

What was Rockefeller's attitude towards his wealth and its potential impact on his children?

Rockefeller was concerned about spoiling his children with wealth, so he dressed them in hand-me-down clothes and emphasized the importance of hard work and frugality.

How did Rockefeller's business practices at Standard Oil contribute to labor stability?

Rockefeller paid his employees well, rewarded them for creative ideas, and fostered a culture of innovation, which contributed to labor stability and a low incidence of labor problems at Standard Oil.

What was the total amount of money Rockefeller gave away during his lifetime?

John D. Rockefeller gave away approximately $550,000,000 during his lifetime, which was an unprecedented amount for an individual at the time.

Outlines

00:00

💼 John D. Rockefeller: Industrial Titan and Philanthropist

John D. Rockefeller, known as 'the most hated man in America' and yet 'the world’s greatest giver,' was a pivotal figure in American industrial history. As America's first billionaire, he donated half his wealth, significantly contributing to the rise of the American middle class and the nation's industrial prowess. Born in 1839, Rockefeller was deeply religious and followed the principle of giving, donating a portion of his income to charity throughout his life. His company, Standard Oil, revolutionized lighting and heating by providing affordable kerosene, improving living conditions for many. Rockefeller was meticulous in his business practices, aiming to save customers money and ensuring fair treatment of his employees. He was also ahead of his time in environmental consciousness, recycling oil waste into various products. His contributions to society extended beyond oil, supporting the automobile industry and funding educational and medical institutions. Despite his philanthropy, Rockefeller is often remembered for the negative aspects of his wealth accumulation, a perception that may be more a reflection of educational narratives than his actual legacy.

05:01

🏫 Reevaluating Rockefeller's Legacy

The second paragraph addresses the paradoxical image of John D. Rockefeller as both a philanthropist and a symbol of greed. It suggests that the common perception of Rockefeller as a greedy capitalist may be influenced more by educational systems than by his actual deeds. The paragraph ends with a call to reassess both Rockefeller's impact and the narratives that shape our understanding of historical figures. The speaker, Burt Folsom, a history professor, invites a fresh look at Rockefeller's life and the way it's portrayed, hinting at a need for a more balanced view of his contributions and the era he lived in.

Keywords

💡Robber Baron

A 'Robber Baron' refers to a term used during the Gilded Age in the United States to describe wealthy individuals of the time who amassed their fortunes through ruthless business practices. In the video, John D. Rockefeller is described as one, highlighting his controversial reputation despite his philanthropy. The term is used to contrast his business acumen with his later philanthropic efforts, showing the complexity of his legacy.

💡Gilded Age

The Gilded Age refers to a period of rapid economic growth and industrialization in the United States during the late 19th century, marked by significant wealth disparity and social issues. The video mentions Rockefeller as a 'Robber Baron' of this era, indicating his role in the economic boom and the societal challenges of the time.

💡American Middle Class

The 'American Middle Class' is a social class in the United States that falls between the working class and the upper class, typically characterized by moderate to high income and stable employment. The video credits Rockefeller's business practices and contributions to the oil industry with helping to create and develop the American middle class, illustrating his broader impact on society beyond wealth accumulation.

💡Standard Oil

Standard Oil was the largest oil refiner in the world during Rockefeller's time, and it played a pivotal role in shaping the oil industry. The video discusses how Rockefeller's company revolutionized the way oil was processed and sold, making kerosene affordable for the masses and contributing to the growth of the oil industry, which in turn provided jobs and helped build the middle class.

💡Kerosene

Kerosene, a byproduct of the oil refining process, was a significant innovation in the 19th century, providing a cleaner and more efficient source of lighting and heating than candles or coal. The video emphasizes Rockefeller's role in making kerosene affordable, which improved living conditions for many and was a key factor in his philanthropic efforts.

💡Philanthropy

Philanthropy is the act of donating money or resources to support causes or improve communities. Rockefeller is described as 'the world’s greatest giver,' having given away half of his wealth. The video outlines his extensive charitable contributions, including to churches, educational institutions, and medical research, showcasing his commitment to giving back to society.

💡Environmentalism

Environmentalism is a social and political movement that advocates for the protection of the environment and the preservation of natural resources. The video presents Rockefeller as an early environmentalist, emphasizing his distaste for waste and his efforts to find uses for every part of the oil, which was a forward-thinking approach for his time.

💡Recycling

Recycling is the process of converting waste materials into new materials and products. Rockefeller's belief in finding a use for every part of the oil barrel is highlighted in the video as an early form of recycling, demonstrating his innovative approach to resource management and his commitment to sustainability.

💡Industrial Power

An 'industrial power' refers to a nation with a strong economy based on manufacturing and industrial production. The video suggests that Rockefeller's contributions to the oil industry were instrumental in developing America as a great industrial power, underlining his influence on the country's economic growth.

💡Biblical Admonition

A 'biblical admonition' refers to a warning or advice found in the Bible. Rockefeller is noted to have believed in the biblical admonition that 'the love of money' is 'the root of all evil,' which influenced his philanthropic philosophy. The video uses this concept to contrast his wealth with his charitable actions, showing his complex relationship with money.

💡Educational System

The 'educational system' encompasses the institutions and processes involved in teaching and learning. The video suggests that Rockefeller's negative reputation as a greedy capitalist may be due more to the portrayal of him in educational materials rather than his actual actions. This highlights the potential for re-evaluating historical figures in light of new information or perspectives.

Highlights

John D. Rockefeller was known as 'the most hated man in America' yet also 'the world’s greatest giver'.

He was America’s first billionaire and donated half of his wealth.

Rockefeller played a pivotal role in creating the American middle class and the development of America as an industrial power.

Despite his wealth, Rockefeller dressed his children in hand-me-downs to avoid spoiling them.

He was deeply religious and lived by the spiritual law 'Give and it shall be given unto you'.

Rockefeller's affordable kerosene made the world brighter, warmer, and cleaner for everyone.

He was dedicated to saving customers money and was scrupulously honest in business.

Rockefeller believed in the efficient use of resources and was an early environmentalist, recycling oil by-products.

He found uses for every component of oil, contributing to the development of industries like automotive and paving.

Rockefeller's oil industry provided millions of jobs, further building the American middle class.

He was the first billionaire in U.S. history and an unparalleled philanthropist.

Rockefeller supported churches, missionaries, colleges, and medical research globally.

He gave away approximately $550,000,000 before his death, more than any other American at the time.

Despite his philanthropy, Rockefeller is often remembered as a greedy capitalist, a perception that may need reevaluation.

The narrative around Rockefeller may be more a reflection of educational bias than an accurate portrayal of his life and contributions.

It is suggested that we should take a fresh look at both Rockefeller's legacy and the educational system's portrayal of him.

Transcripts

He was called “the most hated man in America.” Yet the New York Times described him as

“the world’s greatest giver.” He was America’s first billionaire. And he gave half of it away.

He was the quintessential so-called “Robber Baron” of the Gilded Age.

But he was probably more responsible than any other single individual for the creation of

the American middle class and the development of America as a great industrial power.

He lived in a splendid mansion. But was so worried about spoiling his children that he dressed

them in hand me down clothes. Song lyrics were written about him. But he rarely went to social events.

His name was John D. Rockefeller. And his story is uniquely American.

Born in upstate New York in 1839, he did not have an easy childhood. His father was a part

time salesman and a full time philanderer. Rockefeller’s mother assured John that God

was the father who would never let him down. Rockefeller absorbed that message. It guided his life.

Deeply religious, he put into practice the spiritual law “Give and it shall be given unto you.”

From his teenage years to his dying day, Rockefeller always gave a portion of his income to charity.

Rockefeller’s special gift to the world was kerosene, cheap kerosene, cheap enough

that anyone could buy it. Before the formation of his signature company, Standard Oil,

people lit their homes with candles and heated them with coal or wood. The candles were dim

and the coal was dirty. Rockefeller’s affordable kerosene -- processed crude oil -- made the

world brighter, warmer, cleaner, and better -- for everyone. “We must ever remember,”

Rockefeller wrote to one of his partners in 1885, “we are refining oil for the poor man

and he must have it cheap and good.”

Rockefeller loved the business of business. He attended to every detail -- always with

the same goal, saving the customer money. That he made so much of it himself was a byproduct.

He was also scrupulously honest. His first partner, Maurice Clark said,

“If there was a cent due a customer, he wanted the customer to have it.”

Rockefeller displayed genius at getting creative ideas from his employees at Standard Oil.

He paid them well -- and rarely had labor problems. He generously rewarded his chemists

and engineers when they found new ways to get more kerosene out of a barrel of oil.

Other oil refiners dumped oil waste into nearby rivers. That repulsed Rockefeller who was

perhaps the greatest environmentalist of his age. Not only was he a great lover of nature,

he was the ultimate recycler. He believed there was a God-given use for every particle

in a barrel of oil and he was determined to find it.

After the kerosene had been removed, Rockefeller’s staff found uses for the remaining components:

the gasoline as fuel, some of the tars for paving, and other by-products to manufacture

paint, varnish, and even anesthetics.

It’s hard to imagine that the automobile industry would have even come into existence

without the availability of Rockefeller’s cheap oil. When Henry Ford was ready with

his Model-T, Rockefeller was ready to supply the gas.

By the early decades of the new century, millions of Americans had jobs in oil-related industries.

Those jobs helped to build the American middle class. As Rockefeller said, “We saw the

vast possibilities of the oil industry, stood at the center of it, and brought our knowledge

and imagination and business experience to bear in a dozen, in twenty, in thirty directions.”

Rockefeller was an oddity -- the first billionaire in U.S. history, but no one could out-give him.

From the time of his first job, earning 50 cents a day, the sixteen-year-old Rockefeller

gave to his local Baptist church, to missions in New York City, and to the poor --

black or white. He believed in the biblical admonition that not money, but “the love of money”

was “the root of all evil.” Rockefeller supported churches and missionaries

all over the world; lavishly endowed colleges like the University of Chicago and Spelman College,

a black women’s college, named after his wife, Laura; and gave millions to

medical research. Before he died in 1937 in his 98th year, he had given away about $550,000,000,

which was more than any other American had ever possessed.

So, if he did so much good during his life, why is he most commonly remembered today

as the paradigm of a greedy capitalist? The answer to that question, I’m afraid, has much more

to do with our educational system than with Rockefeller himself.

Maybe it’s time to take a fresh look at both.

I’m Burt Folsom, professor of History at Hillsdale College, for Prager University.