History Notes: Teddy Roosevelt to W.E.B. DuBois Flashcards
John D. Rockefeller felt his wealth and success were somehow
given from God
Where did John D. Rockefeller get his wealth?
oil (Standard Oil)
Andrew Carnegie became the
wealthiest man in the world
“vertical trust”
own the entire means and process of production
The “vertical trust” is associated with
Andrew Carnegie
Horizontal integration or “horizontal trusts”
- A single company gains control over an entire market
- Creates a monopoly of oil industry
Standard Oil is founded, Rockefeller’s company - By 1880s, Standard Oil controls 90% of the market
How did Standard Oil use underpricing?
Standard Oil would keep their products’ prices very low, other companies couldn’t compete and would go out of business, then they’d raise their prices again
Pooling
Agreement among several companies to protect quotas and drive out anybody who is outside of that pool
Trusts
Board of trustees from different companies that come together and form central control board over all the other companies, much like pooling but more formal, way to eliminate competition
Rockefeller was worth
$800 million dollars
Teddy Roosevelt was born in
New York (state), 1858
While serving in the New York assembly, Teddy’s Roosevelt’s wife and mother
died
Teddy Roosevelt went to what school?
Harvard
Teddy Roosevelt was nicknamed
“Cowboy of the Dakotas”
Teddy Roosevelt was a different Republican because he believe the wealthy and educated had a duty to do what?
to help less fortunate
Teddy Roosevelt as a reformer
cleans up corruption, elected as governor of New York state, creative politician and activist
The Coal Strike of 1902
the coal miners in eastern Pennsylvania go on strike, becomes a national problem, ends after 163 days with Teddy Roosevelt’s intervention
Square Deal
attempted to confront the problems caused by economic consolidation by distinguishing between “good” and “bad” corporations
“Bad” corporations were run by greedy financiers and were interested only in
profit
How did Teddy Roosevelt deal with the Coal Strike of 1902?
invites labor leaders to White House, acts as a mediator and pressures mine owners to give in to what the miners want