Summary: Students will be able to explain the concept of monopolies, how Rockefeller created the Standard Oil Trust, and the Sherman Antitrust Act (1890). In addition, students will analyze and evaluate newspaper and magazine articles about Standard Oil, political cartoons and political advertisements, and the U.S. Supreme Court decision, Standard Oil Co. of New Jersey v. The United States (1911). Finally, students will be asked to take and defend a position of whether the government should regulate private business in order to protect consumers from predatory monopolistic practices.
Overarching Questions:
- NEW JERSEY: How have changes in New Jersey during this time period influenced U.S. history?
- ECONOMICS: What is the proper role of government in the economy? (Especially with regard to economic crises, national defense/security, health and safety of the people, and economic development and practices.)
NJ Student Learning Standards for Social Studies:
- 6.1.12.EconEM.5.a: Assess the impact of governmental efforts to regulate industrial and financial systems in order to provide economic stability.
- 6.1.12.EconEM.5.a: Analyze the economic practices of corporations and monopolies regarding the production and marketing of goods and determine the positive or negative impact of these practices on individuals and the nation and the need for government regulations
Link to Lesson: Standard Oil of New Jersey and the Effort to End Monopolies