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The market capitalism model illustrates how businesses operate within a market environment, responding primarily to economic forces while being shielded from direct social and political influences. The market acts as a buffer between businesses and nonmarket forces. Historically, markets were minor institutions as people produced mainly for subsistence. However, during the 1700s, industrialization, division of labor, and expanded trade gave markets a central role in directing the production and distribution of goods through price signals, reshaping economies and human life.

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1890: Congress passed the Sherman Antitrust Act to outlaw Standard Oil's monopoly. 

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1890: Congress passed the Sherman Antitrust Act to outlaw Standard Oil's monopoly. 

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Rockefeller was a quiet, meticulous, secretive manager, a relentless com-
petitor, and a painstaking accountant who obsessed over every detail of strategy and
every penny of cost and earnings. He believed that the end of imposing order on a
youthful, rowdy oil industry justified the use of ruthless means

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Emergence of large trusts in the United States, including Standard Oil, sparking public concern about corporate power and leading to the populist movement.

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Standard Oil of New Jersey's Legacy (1911-1972)

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Standard Oil of New Jersey's Legacy (1911-1972)

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The dominance model is a second basic way of seeing the BGS relationship. It represents primarily the perspective of business critics. In it, business and government dominate the great mass of people. In democratic theory, governments and leaders represent interests expressed by the people, who are sovereign.

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1911: The Supreme Court ordered the breakup of Standard Oil into 39 separate companies.

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1911: The Supreme Court ordered the breakup of Standard Oil into 39 separate companies.

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John D. Rockefeller incorporates Standard Oil Trust

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Exxon and the Merger with Mobil (1972-1999)

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Exxon and the Merger with Mobil (1972-1999)

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Recognizes the dynamic interplay among various forces. This model suggests that power is not absolute and shifts between business, government, and public interests. There is a balance of power and public awareness.

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1935: Congress passed the National Labor Relations Act, protecting and facilitating union organizing. 

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1935: Congress passed the National Labor Relations Act, protecting and facilitating union organizing. 

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Congress passed the
Sherman Antitrust Act to outlaw its monopoly.

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Emphasizes obligations beyond just shareholder interests. Responsible to all stakeholders and considers the interest of all parties affected by corporate actions.

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1989: The Exxon Valdez oil spill occurred.

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1989: The Exxon Valdez oil spill occurred.

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After years of legal battles, the trust was finally broken into 39 separate companies.

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1990: Congress passed the Oil Protection Act, which included a provision barring the Exxon Valdez from ever entering Prince William Sound again. 

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1990: Congress passed the Oil Protection Act, which included a provision barring the Exxon Valdez from ever entering Prince William Sound again. 

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Congress passed the National Labor Relations Act, protecting and easing union organizing, a colossal defeat for business and a bitter lesson about the social contract.

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2008: The United States Supreme Court ruled on the Exxon Valdez case, describing the company's lapse in monitoring the captain as "worse than negligent but less than malicious." 

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2008: The United States Supreme Court ruled on the Exxon Valdez case, describing the company's lapse in monitoring the captain as "worse than negligent but less than malicious." 

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1950s when Exxon was the largest of the Seven Sisters, a group of Western oil firms that dominated global production and reserves, including the huge Middle East oil fields.

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Late 2008: The collapse of financial markets led to unprecedented government actions, including taking ownership shares in large companies, firing the CEO of General Motors, and dictating executive salaries.

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Late 2008: The collapse of financial markets led to unprecedented government actions, including taking ownership shares in large companies, firing the CEO of General Motors, and dictating executive salaries.

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Standard Oil of New Jersey changed its name to Exxon

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Exxon Valdez oil spill.

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The Oil Pollution Act was passed in response to the oil spill. It requires facilities to submit their plan responding to oil spills.

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Exxon merges with Mobil, forming Exxon Mobil.

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Exxon Mobil tries to purchase Yukos Oil Company, a Russian oil company.

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CEO Tillerson did not change strategy in regards to global warming issue.

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Government took large ownerships shares in company and reduced the power of business