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Describe the economic transformation of the U.S. between 1865 and 1900.
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The U.S. saw massive growth with steel production increasing a thousand times, railroads expanding significantly, and agricultural output tripling.
What was the South Improvement Company and what strategy did Rockefeller use with it?
The South Improvement Company was a cartel formed by Rockefeller to stabilize the oil industry by negotiating railroad rebates and controlling 90% of the U.S. refining capacity, leading to his monopoly.
What were the notable trends in steel production during this period?
Steel production in the U.S. increased a thousand times during the period from 1865 to 1900.
Explain the significance of Rockefeller's deals with railroads.
Rockefeller's deals with railroads, which included favorable rebates, were crucial in allowing him to undercut competitors and establish his oil monopoly.
What role did railroads play in the economic transformation of the U.S. between 1865 and 1900?
Railroads expanded drastically, facilitating the transportation of goods and bolstering economic growth by connecting markets and resources.
How did agricultural output change between 1865 and 1900?
Agricultural output in the U.S. tripled between 1865 and 1900, reflecting significant improvements in farming technology and processes.
What early business ventures did Rockefeller engage in before entering the oil industry?
Before entering the oil industry, Rockefeller worked as a bookkeeper and was a partner in the grain and livestock business, profiting from Civil War investments.
In what year did the Civil War end and what significance did it have for industrialization?
The Civil War ended in 1865, which marked the beginning of rapid industrialization in the United States.
Where and when was John D. Rockefeller born?
John D. Rockefeller was born in 1839 in New York.
What happened to John D. Rockefeller’s business practices after the formation of the South Improvement Company?
Rockefeller's business practices, following the formation of the South Improvement Company, aimed at stabilizing the oil market and reducing competition, which led to his dominance in the industry.
How did individual choices impact economic transformation during the late 19th century?
Individual choices such as investments in industries, production decisions, and competitive strategies significantly influenced economic growth and transformation.
Who was Andrew Carnegie and what was his stance on competition?
Andrew Carnegie was an industrial leader who strongly advocated for competition as essential to economic progress.
What significant milestone did John D. Rockefeller reach in terms of wealth?
John D. Rockefeller became the first American billionaire.
How did John D. Rockefeller achieve monopolistic control over the U.S. oil refining industry?
Rockefeller achieved monopolistic control by forming cartels, negotiating favorable deals with railroads, and consolidating oil refineries, ultimately controlling 90% of the U.S. refining capacity.
After retiring, to what areas did Rockefeller direct his philanthropic efforts?
Post-retirement, Rockefeller focused on donations, especially towards research.
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