Why Are Railroads Important?
• Railroads are necessary for the
efficient functioning of a modern
economy. No other transportation
mode can handle the bulk shipping
necessary for an industrial economy
with the speed and efficiency of a
modern Diesel-Electric Locomotive
on a high quality roadbed.
Their Age – 1828 –> Now
The age of the railroad
network allows us to study
how the economic and
political systems interact.
Their Unprecedented Economic Effects
They were the first mass transportation in
human history. For the first time ordinary
people could afford to cheaply and safely
travel over long distances on land.
Private Ownership in an Almost Pure Capitalist Environment
The Benefits and Costs of
Government Regulation