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In 1882, Rockefeller formed a new type of business entity called the "trust", and named it the Standard Oil Trust of Ohio.  But ten years later a decision by the Ohio Supreme Court forced him to break up his Trust into 20 smaller businesses.  In 1899 he formed a holding company for all his businesses in the name of Standard Oil Company of New Jersey.  By 1911 it controlled an astounding 95% of the entire oil industry, but then the U.S. Supreme Court forced Rockefeller to break up it up into smaller pieces and separately controlled companies, one of which became Exxon.  Rockefeller then retired and devoted the remainder of his long life to philanthropy (giving away his money to charitable causes).<ref name="Rockefeller"/>

In 1882, Rockefeller formed a new type of business entity called the "trust", and named it the Standard Oil Trust of Ohio.  But ten years later a decision by the Ohio Supreme Court forced him to break up his Trust into 20 smaller businesses.  In 1899 he formed a holding company for all his businesses in the name of Standard Oil Company of New Jersey.  By 1911 it controlled an astounding 95% of the entire oil industry, but then the U.S. Supreme Court forced Rockefeller to break up it up into smaller pieces and separately controlled companies, one of which became Exxon.  Rockefeller then retired and devoted the remainder of his long life to philanthropy (giving away his money to charitable causes).<ref name="Rockefeller"/>

Rockefeller became perhaps the wealthiest man in the history of the world.  Predictably, people became jealous and his competitors sometimes lost their businesses.  Many politicians became determined to break up his huge company, and many critics accused him or his employees in engaging in illegal activities, even bribes, to build his business empire.  But other industries began to follow his example, and large industrial companies began to form to control sugar, lead, beef and even whiskey.   

Rockefeller became perhaps the wealthiest man in the history of the world.  Predictably, people became jealous and his competitors sometimes lost their businesses.  Many politicians became determined to break up his huge company, and many critics accused him or his employees of engaging in illegal activities, even bribes, to build his business empire.  But other industries began to follow his example, and large industrial companies formed "trusts" (a type of monopoly) to control sugar, lead, beef and even whiskey.   

Congress ultimately passed the Sherman Antitrust Act to prohibit monopolization and "restraint of trade," or interference with competition, in 1890.  This law was sponsored by Senator John Sherman of Ohio (a candidate for the Republican presidential nomination in 1880 and the brother of General William Sherman).  The Sherman Antitrust Act was not what broke up Rockefeller's oil empire, because in 1895 the Supreme Court weakened the law by upholding a powerful Sugar Trust, in ''U.S. v. Knight Co.''  The Sugar Trust controlled 98% of the sugar market, and the Supreme Court allowed it to continue.  Despite being weakened, the Sherman Antitrust Act remains a very important law that is used frequently today.

Congress ultimately passed the Sherman Antitrust Act to prohibit monopolization and "restraint of trade," or interference with competition, in 1890.  This law was sponsored by Senator John Sherman of Ohio (a candidate for the Republican presidential nomination in 1880 and the brother of General William Sherman).  The Sherman Antitrust Act was not what broke up Rockefeller's oil empire, because in 1895 the Supreme Court weakened the law by upholding a powerful Sugar Trust, in ''U.S. v. Knight Co.''  The Sugar Trust controlled 98% of the sugar market, and the Supreme Court allowed it to continue.  Despite being weakened, the Sherman Antitrust Act remains a very important law that is used frequently today.

The controversy about Rockefeller and monopolies divides free enterprise thinkers.  Some advocate that the free market will deal with monopolies adequately.  Others say that monopolies are an opponent to free market competition and should be broken up.

The controversy about Rockefeller and monopolies divides free enterprise thinkers.  Some insist that the free market will deal with monopolies adequately.  Others say that monopolies are an impediment to free market competition and should be broken up.

'''Debate:  Should government break up monopolies?'''

'''Debate:  Should government break up monopolies?'''