Why did Rockefeller & Carnegie engage in unethical business practices?

Insider trading, corporate espionage, and unrestricted lobbying were commonplace across the United States during the progressive era of the mid to late 19th century. As a result, both Rockefeller and Carnegie had to engage in what we would call today as unethical business practices to build their empires.

What monopolies did Rockefeller have?

One of the most prominent monopolies was the Standard Oil Company, founded by John D. Rockefeller. Standard Oil dominated the oil industry, controlling nearly 90% of oil refining in the United States. It achieved this dominance by engaging in predatory pricing and aggressive acquisitions to eliminate competition.

Why did Rockefeller create a monopoly in the refining industry?

As other entrepreneurs flooded the area seeking a quick fortune, Rockefeller developed a plan to crush his competitors and create a true monopoly in the refining industry. Beginning in 1872, he forged agreements with several large railroad companies to obtain discounted freight rates for shipping his product.