Economic growth and development - Railroads Flashcards
Sum up the importance of the railroads in 10 words.
The powerhouse of American economic growth after the Civil War.
How many miles of track were there in 1865 and 1893?
1865 - 35,000 miles of track
1893 - almost 200,000 miles, stretching all over the continent.
What was American industry bound together by?
Vital trunk lines like the New York Central, linking the East Coast to the Great Lakes and Chicago, and the Pennsylvania Railroad.
Why was the great railroad boom often chaotic?
There was fierce competition between rival companies and a lot of wild financial speculation.
Describe how the railroad companies became the all-powerful bullies of American big business.
They established local monopolies as they eliminated competition, took over ancillary businesses, and bought up vast amounts of real estate.
What happened to the ‘railroad barons’?
They were men who controlled these expanding railroad companies and they became wealthy and influential.
Who was the most powerful of all?
Cornelius Vanderbilt of the New York Central and Hudson River Railroad, dominating rail traffic out of NYC and its connections north and west to Lake Erie and Chicago.
What were railroads vital for?
Supplying factories with raw materials and for distributing their finished products.
What else were railroads closely associated with?
The financing of industry and the implementation of policies of policies to squeeze out competitors.
