Standard Oil As A Technological Innovator

The 1911 Standard Oil case, everyone knows, was all about price discrimination, "Predatory" pricing, acquisitions under duress, and the like. But there was also a technological element. Defending against monopolization charges, Standard Oil claimed that it had innovated both technologically and in the scale economies-enhancing investments by which it aggressively expanded its business: They have been unremitting in their efforts to improve the processes of refining, to diversify the useful by-products to be obtained from the refining of petroleum and to introduce them into general use, and these efforts have resulted to their great advantage as well as to the general benefit of the industry and the public at large.

Provided by: Harvard University Topic: Innovation Date Added: Jan 2011 Format: PDF

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