Topic > Why Standard Oil is Unethical - 1486

The company has violated its social contract through unfair business practices. The evidence of what happened to competitors when Standard Oil exercised its trading power illustrates the limits of trading power. The theory of dominance is suitable for this case because the company has used its power to exercise advantages over competitors, acquiring them or suffocating them. Rockefeller acted unethically both by the standards of his time and today, except that those actions would have been crimes in today's world. This was a contradiction between Rockefeller's personal and business ethics, as he was an active church-goer who also gave to charity but did not shy away from eliminating the competition through unscrupulous means. Oil prices fell by more than 50%, and this achieved the common good explained in the theory of utilitarianism. The claim that fair and ethical practices would have led to similar success for the company at that time is not tenable. Market forces were significantly different during this period