John Davison Rockefeller (July 8, 1839 – May 23, 1937) was an
American industrialist and philanthropist.
He was the founder of the Standard Oil Company, which dominated the oil
industry and was the first great U.S. business trust. Rockefeller
revolutionized the petroleum industry and defined the structure of
modern philanthropy.
In 1870, he founded the Standard Oil Company and aggressively ran it until he
officially retired in 1897. Standard Oil began as an Ohio partnership formed by
John D. Rockefeller, his brother William Rockefeller, Henry Flagler,
Jabez Bostwick, chemist Samuel Andrews, and a silent partner, Stephen V. Harkness. As kerosene
and gasoline
grew in importance, Rockefeller's wealth soared, and he became the world's
richest man and first American worth more than a billion dollars. Adjusting for inflation,
he is often regarded as the richest person in history.
Rockefeller spent the last 40 years of his life in retirement. His fortune
was mainly used to create the modern systematic approach of targeted
philanthropy. He was able to do this through the creation of foundations that
had a major effect on medicine, education, and scientific research.
His foundations pioneered the development of medical research, and were
instrumental in the eradication of hookworm
and yellow fever.
He is also the founder of both the University of Chicago and Rockefeller University. He was a devoted Northern Baptist and supported many church-based
institutions throughout his life. Rockefeller adhered to total abstinence from
alcohol and tobacco throughout his life.
He had four daughters and one son; John D. Rockefeller, Jr.
"Junior" was largely entrusted with the supervision of the
foundations.
August 22, 2012
