John D. Rockefeller
Definition
John D. Rockefeller was an American business magnate and philanthropist who is considered as one of the richest individuals in modern history due to his founding role in Standard Oil Company.
Analogy
Imagine John D. Rockefeller as Jeff Bezos today - both are business tycoons who made their fortunes by dominating a specific market; Bezos with online retail (Amazon), and Rockefeller with oil (Standard Oil).
Related terms
Standard Oil Company: An American oil producing company established by John D. Rockefeller which became one of largest oil refiners in the world before being broken up into smaller companies due to antitrust laws.
Monopoly: A situation where a single company or group owns all or nearly all of a given product or service's market because there are no other competitors.
Antitrust Laws: Regulations enacted by governments at various levels to prevent monopolies and promote competition in business.
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