1 Rise of Industrial America War 1 Name the five factors that enabled the U S economy to expand in the decades after the Civil New Invention technology New corporate organization and consolidation New cheap labor immigration American natural resources Favorable government Laissez faire 2 Give examples of early inventors and what they invented a Communications i Alexander Graham Bell 1 Telephone 1876 b Electrical power c Transportation i Thomas Edison light bulb 1880s i Duryea Brothers Henry Ford 1 Automobile 1900 1909 America a Government lets businesses do whatever they want i No regulations ii Pushed businesses forward iii Courts and government favored big businesses 4 Why is laissez faire a misleading label for this time period a Government was actually pushing railroads and stuff 5 What is rock oil a Petroleum 3 What does the phrase laissez faire mean Why is it used to describe late 19th century a Brothers invented the engine while Ford invented the assembly line 6 Who was George Bissell and why is he significant in the history of the oil industry a Hired a scientist to turn rock oil into kerosene b Got the idea to drill into the ground for rock oil 7 What role did Edwin Drake play in the discovery of oil a Drilled into the ground 8 Where and when was oil discovered a Titusville August 1859 9 What are three reasons why this discovery is significant a American s first oil well b Attracted first major wave of investment c Launched the age of petroleum 10 At this point what was the main product that petroleum was refined for 11 What kind of family did John D Rockefeller grow up in What kind of dad did he have a Born relatively poor father was a con artists father left his family when he was a a Kerosene teenager 12 What was his first career a Bookkeeper 13 WHERE did Rockefeller get his start in business a Cleveland Ohio 14 When and how did he get involved in the oil business a 1863 his partnership ended and he invested everything he had 15 What new name did Rockefeller give his company in 1870 a Standard Oil Company 16 Explain horizontal integration a Running smaller businesses of the same kind of business out of business b Buying the same kind of business to form on big business 17 How did Rockefeller horizontally integrate a Bought oil refineries 18 How did secret deals with railroads help Rockefeller s business to grow a He was able to ship his oil very cheaply and it caused the prices for others to go up 19 Explain vertical integration a Integrating into one company DIFFERENT businesses that have to do with production and sale of your product 20 How did Rockefeller vertically integrate a Barrel factories b Forests c d Pipelines e Railcars oil lamps grocery stores Storage tanks 21 What was Rockefeller s famous statement in regard to vertical integration What did he mean a Pay nobody profit i No one should make money off of you and you grantee smooth processes 22 By 1880 why was Rockefeller a feared man in America Specifically what did he control a The oil refinery business 23 Describe Rockefeller s lifestyle Lived humbly a b Never drank alcohol never partied very religious c Very generous i Helped form and change education helped banks and parks 24 What did he and his descendants do with billions of dollars a Donated it 25 What was Rockefeller s major motivation for creating his oil refining monopoly a He believed god called him to make money and to help b Wanted to stabilize the oil industry 26 What did Rockefeller do to most of his competition a Run them out of business made it impossible to start an oil refinery business 27 What did Rockefeller do overall to kerosene prices a Kept them low and affordable 28 In 1890 what did Rockefeller s critics push through Congress a Sherman Antitrust Act 29 What was this legislation supposed to do Why did it fail at first a Suppose out law monopolies b Failed because no one enforced it 30 Who was Ida Tarbell Describe her family background a A journalist wrote and published extremely well written articles in new papers and magazines about the standard Oil Company b Born and raised in Penn father ran a small oil refinery business almost ran out of businesses but was able to hang on but barely 31 What did she publish beginning in 1902 a A biography about the standard oil company 32 Explain the impact of this publication on the history of Standard Oil a Caused enormous public outrage and eventually caused the company to break up in to 34 smaller companies 33 What role did President Teddy Roosevelt and President Taft play in the history of Standard Oil a Pushed the case saying standard oil company was a monopoly 34 In regard to Standard Oil what did the U S Supreme Court do in 1911 a Ruled it a monopoly and told them they had to break up in to 34 smaller companies 35 What law was used in the Supreme Court s decision a Sherman Antitrust law 36 What gas company was created as a result a Standard Esso station gas company 37 In 1972 what new name did this gas company take a Exxon than Exxon mobile 38 What famous family in America still makes money from this gas company today a Rockefeller family