Market Dominance Quotes
What makes this quote significant is the data—the end of the 19th century and here was an author, in a prestigious journal, warning about the potential economic competition from China which at the time was seen by most as a backward, primitive civilization which could never compete with the West. Also, Hearn was the first writer who communicated information about Asia to Americans on a large scale.
The only previous source of light in America had been whale oil or candles—both very expensive. Oil was discovered in Pennsylvania and refinery techniques developed to produce Kerosene. (Gasoline was too explosive and dangerous for home use.) Everyone’s standard of living depended on Kerosene at the time and John D. Rockefeller controlled the price everywhere except New York. There were no monopoly or antitrust laws when he gobbled up his competitors and he rapidly became the richest man in America and one of the most hated. His abuse of the system at the time led to the government regulation of monopolies and the antitrust laws. It was very courageous for the Atlantic Monthly to publish this article, as Rockefeller’s power extended all over the nation—but less in New York where the magazine was published.
