The Power of Standard Oil: Transforming Society Through the 7 Levels of Corporate Power - Essay Sample

Concerning the Seven Levels of Corporate Power Addressed in the Text How Did the Power of Standard Oil Change Society?

The seven levels of corporate power included; political power, technology power, economic power, legal power, power over individuals, cultural power, and environmental power. He used his money to influence other companies and individuals in the oil industry to follow him, technological power to make sure that his company was innovative enough than all the others, cultural power by working in the confines of the values and ethics of the people (Hidy, 1952). The legal power was utilized by standard oil being able to shape the laws of company business and operation; the political power made him work in conjunction with the government without limitation. Lastly, environmental power made him work well for the success of the company regardless of the natural factors, and power over individuals convinced many people to join him or leave the business.

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Also, in Your Post, State Which Theory (Pluralist or Dominance) You Ascribe To

No, the social contract was not observed as the peer reports. He did not apply power in maintaining the social contract during his period because there were no agreements between him and the people he controlled and ruled in the oil firm (Hidy, 1952). He was capable of doing whatever he wanted, whether the others consented or not because he had the money power to do so.

Does the Story Support the Position of Either the Pluralist or the Dominance Theory of Business Power?

This story strongly supports the dominance theory of business power. Rockefeller, by all the ways, dominated over the business and did not have inclusivity for the other people (Hidy, 1952). The dominance business theory is evident in all the actions and the influence of Rockefeller on the other business people.

Also, in Your Post, State Which Theory (Pluralist or Dominance) You Ascribe To

The pluralist theory is the best theory to ascribe for in business. It is important to work with other people at their will and cooperate with them accordingly (Weinberg, 2008). Dominance theory acts as a burden to other people, even if they still follow.

Did the Arguments you Read on this Discussion Topic Change your Perspective?

They changed my perspective to know that the power one has, especially money power, gives them the capability to dominate others. The discussions from the peers changed my perspective about the application of power in business. It made me learn about the ways the seven levels of corporate power can affect social contracts significantly, and I strongly agree with the arguments.

References

Hidy, R. W. (1952). The Standard Oil Company (New Jersey). The Journal of Economic History, 12(4), 411-424.

Weinberg, S. (2008). Taking on the trust: The epic battle of Ida Tarbell and John D. Rockefeller. WW Norton & Company.