Description: Beyond “natural monopolies,” the second industrial revolution beginning in the 1870s probably required the formation of monopolies like Standard Oil, but did those monopolies have to be in private hands? Bill and Rachel investigate.
Description: Rachel and Bill explain how Rockefeller pushed his way to the top position in the early U.S. oil industry in the early 1870s and began to form a monopoly. (This episode is a continuation of the narrative in part 1.)
"We must be the great arsenal of democracy. For us this is an emergency as serious as war itself. We must apply ourselves to our task with the same resolution, the same sense of urgency, the same spirit of patriotism and sacrifice as we would show were we at war."
-Pres. Franklin Delano Roosevelt, December 29, 1940