US News Economic history: Big data threatens to be broken up - just like Rockefeller's Big Oil

13:05  22 october  2020
13:05  22 october  2020 Source:   wiwo.de

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John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He is widely considered the wealthiest American of all time

Parts of that story are well-known: Rockefeller and Standard Oil ; the internal combustion engine and the transformation of global transport; the House Other parts are more obscure: the quest for oil and the outbreak of World War I; the petrochemical interests behind modern medicine; the Big Oil money

The lawsuit against Google has a historical model. When John D. Rockefeller established a monopoly with Standard Oil in 1906, President Roosevelt forced what was then the richest man in the world to disentangle his empire.

Eine historische Illustration von Udo J. Keppler aus dem Jahr 1904 zeigt einen Oktopus, stellvertretend für den US-Konzern © Getty Images A historical illustration by Udo J. Keppler from 1904 shows an octopus, representative of the US company

Theodore Roosevelt was actually a man of business in terms of origin and ethos. When American companies in the steel, railroad, oil and tobacco sectors were booming at the beginning of the 20th century, the US President largely let them go - after all, he also benefited politically from their incredible growth. When Roosevelt was re-elected by a large majority in November 1904, steel barons such as Henry Clay Frick and oil magnates such as John D. Rockefeller even supported the Democrat's election campaign with large donations. But that did not prevent Roosevelt, during his second term from 1905 to 1909, from taking unprecedented harshness against the increasing concentration in the American economy. Roosevelt saw himself as an advocate for the common man on the street and as a representative of fairness and equal opportunities.

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John D. Rockefeller was the head of the Standard Oil Company and one of the world' s richest men. He used his fortune to fund ongoing philanthropic causes. With oil production ramping up in western Pennsylvania, Rockefeller decided that establishing an oil refinery near Cleveland, a short distance

A break - up of today’ s tech titans—Google, Amazon, Facebook and Apple—could also unlock vast Their over-excited assessments of how much these might be worth sometimes look like flights of fancy. Break -ups, he argues, need to be complemented by regulation that weakens this effect, for

To the surprise of Wall Street, the beginning of his campaign against the concentration processes of the time was an indictment against the holding company Northern Securities Company. It belonged to the private banker John Pierpont Morgan, still known today by his abbreviation J.P. Morgan. The legal basis for the indictment was found in the Sherman Act, enacted as early as 1890, which, together with the later Clayton Act and the Federal Trade Commission Act, still forms the legal basis for the action of the US Department of Justice against the four GAFAs, i.e. the Internet companies Google, Amazon, Facebook and Apple.

But not only J.P. Morgan got into trouble with Washington at the time - Roosevelt let the judiciary take action against US Steel, US Tobacco and Standard Oil and thus established his reputation as a "trustbuster".

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Parts of that story are well-known: Rockefeller and Standard Oil ; the internal combustion engine and the The first oil was to sell for a barrel. Years later a local newspaper interviewed Uncle Billy about Muckraking reporters like Ida Tarbell began digging up the dirt on his rise to power through

big - oil - Free download as Text File (.txt), PDF File (.pdf) or read online for free. Oil the industrial revolution and the growth of " Big oil " at In 1870 Rockefeller merged his firm with four other companies to form the Standard Oil Company. His original goal was to become paramount in

There was a whole series of proceedings against Rockefeller's oil empire, which could almost dictate prices in many segments. The first indictment was brought on November 15, 1906 and ended four years later in the Supreme Court judgment. Although Rockefeller, then the richest man in the world, employed an army of lawyers, the judges concluded that Standard Oil in 34 separate companies had to be broken up to break Rockefeller's illegal market power.

The parallels to today's actions by the US administration of Donald Trump against Google are obvious. What oil used to be is now data - as a lubricant of the digital economy, as it were. However, this most important raw material of the 21st century is largely in the hands of a few companies - and the concentration and market power of these four GAFAs is increasing year after year. Although the USA is considered the home of capitalism and the free market economy, it governs more resolutely and brutally than, for example, European countries when they see competition in danger. This was also felt in 1982 by the large telephone company AT&T, which was dissolved by the government and split up into seven new, regionally delimited companies, the so-called "baby bells".

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“Mexico is the biggest annual oil deal,” says Goran Trapp, founder of boutique advisory firm Energex Partners and former global head of oil trading Mexico’ s oil hedge has real economic significance. For the massive Middle East producers, hedging appears to be a headache they’d just as soon avoid.

Standard Oil was broken up in 1911 after the Supreme Court ruled that the oil company And they’re all doing just fine on their own. I have no idea if Senator Warren has a chance to be President. Data over the weekend showed profits at China industrial companies grew for a fourth consecutive month

The Department of Justice's anti-trust division is endowed with great legal power and a sense of self and mission that does not stop at the borders of the United States. The breaking up of an international vitamin cartel that served as a supplier to Coca-Cola, Kellogg's, and other food manufacturers in the late 1990s may serve as an example. Vitamin manufacturers in Germany, Switzerland and Japan were affected - Hoffmann-LaRoche and BASF were fined millions.

If one compares the determination of the prosecutors then with their current pace, then it is astonishing why the indictment of the US attorney general against Google was delayed so long. Is it perhaps because of the political influence of the internet giant, which can reach and influence more people than any American president? Or does Donald Trump want to set a new topic in the last days of the election campaign? In any case, the market power of the search engine company is apparently no longer safe for the government. For the same reason, the American regulatory authorities are currently examining the business practices of Facebook, Apple and Amazon - as a procedural preliminary stage to the antitrust lawsuit, so to speak.

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A Transocean oil platform sits in the Port of Cromarty Firth in Cromarty, U.K. Photographer: Matthew Lloyd/Bloomberg. Listen to article. If Judge Daniels were to rule against the creditors, and the company manages to stay out of bankruptcy, it could still face a different kind of pressure, according

No agreement has yet been formalised. "Before any meeting between OPEC and non-OPEC there needs to be an agreement on production numbers for U. S . antitrust laws prohibit oil producers in the United States from taking steps to push up oil prices. Output curbs would be legal if state regulators

But it's not just the enormous economic concentration that the digital surveillance capitalism of Silicon Valley has now created. The possibilities of manipulation and exploitation as well as the spread of hatred and agitation that go hand in hand with the worldwide accumulation of data also arouse increasing political resistance. This culminates in the suspicion that Facebook and other platforms are technically capable of manipulating democratic elections.

Even if Zuckerberg is clearly trying to give in today, criticism and mistrust of the "Rockefellers of the digital world" are certainly appropriate. More than a hundred years after the break-up of Standard Oil, one can therefore rightly ask who can do more damage to the democratic community: Big Oil or Big Data? There is much to be said for the accusation that Zuckerberg and his network Facebook, with millions of hatred and conspiracy, are far more dangerous for democracy and social cohesion than John D. Rockefeller was ever during his lifetime.

More on the subject: Is Facebook also targeted by the competition watchdog after the US lawsuit against Google?

Commodities: Oil prices are weak .
The crude oil prices have largely given back their gains from the previous day. Market participants continue to expect low prices. © dpa Brent is the most important type of oil for Europe. The WTI variety comes from the USA. Oil prices are weak on Wednesday. A barrel (159 liters) of North Sea Brent cost $ 40.59 in early trading. That was 61 cents less than the day before. The price of a barrel of the US West Texas Intermediate (WTI) fell 77 cents to $ 38.80.

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