Railroads Notes

Growth

The expansion and development of something, such as the increase in the number of railroads in the United States.

Nationwide Markets

The establishment of markets that span across the entire country, allowing businesses to reach a larger customer base.

Subsidies

Financial assistance provided by the government to support the construction of railroads, which helped companies generate profit and expand their operations.

Efficiency

The ability to produce more, faster, and better results, often achieved through standardized gauges and the consolidation of railroads.

Consolidation

The process of merging or joining together multiple railroads to create a network of interconnected lines, leading to increased efficiency and profitability.

Vanderbilt

A prominent figure in the railroad industry who built a railroad empire by consolidating various railroads and generating significant profits.

Philanthropy

The practice of using wealth to improve society, often exhibited by individuals who became rich through railroads, such as Vanderbilt.

Transcontinental Railroad

A railroad that spanned across the United States, connecting the East and West coasts and facilitating westward expansion.

Labor

The workforce involved in the construction of railroads, including Chinese, Irish, African Americans, and Mexicans, who often faced poor working conditions and lack of rights.

Native Americans

Indigenous peoples who inhabited the land through which railroads were built, often facing displacement and lack of rights during the construction process.

New States

The creation of eight new states through settlements and population growth, demonstrating the continued growth and expansion of the United States.

Cut-throat Competition

Intense and aggressive competition among railroad companies, often favoring larger companies that could afford to lower prices and buy out bankrupt competitors.

Monopoly

A situation where a single company dominates a particular industry or market, often leading to higher prices and limited competition.

Pooling

The practice of multiple companies joining together in a region to raise prices and eliminate competition, resulting in higher prices and shared profits.

Natural Monopoly

A market situation where a single firm can efficiently supply the entire market demand due to high barriers to entry and economies of scale, often resulting in higher prices and worse service.