Read the Standard Oil case study beginning on page 75 of the textbook as well as pp. 145–150 of Exxon and the Control of Oil. Your instructor will designate whether you are to support the position of either the pluralist theory or dominance theory of business power. My position is dominance theory.

From the perspective of the theory which you have been assigned, consider the following prompts in your initial post:

• With reference to the seven levels of corporate power addressed in the text, how did the power of Standard Oil change society?
• Was the power exercised in keeping with the social contract of Rockefeller’s era?
• Does the story support the position of either the pluralist or dominance theory of business power?

Also in your post, state which theory (pluralist or dominance) you personally ascribe to. Did the arguments you read on this discussion topic change your perspective?

My position is dominance theory. (please put each of these questions in bold, and then answer for each question)

Answer  preview

One of the levels of corporate power is economic, which influences activities and people through control over assets and resources. The power of Standard Oil changed society through economic power by rationalizing crude oil production. The business led to the 90% production of the country’s refining output. Standard Oil was driven by superior kerosene products manufactured through advanced technology. It also transformed society through technological power. As a result, the price shifted from 58 to 8 cents a gallon (Surdam, 2020). Political power is another level of corporate power that Standard Oil utilized to change society. The company made deals with highly competitive railroads to further its mission. This plan aimed at stabilizing

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