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There is room to reflect on inept management. There's one associated story here of the dead hand of regulation, and another of the irresponsible behavior of industrial unions. And another broad concept, that any business is just a pool of capital to be managed, encountered the futility of extracting illiquid capital from investments in the specialized real estate of a rail empire. Successive railroad presidents had grasped that idea twenty years before the bankruptcy, but were blocked from successful entry into the trucking and airline components of the transportation industry.
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Railroads, they say, were not in the railroad business but rather in the transportation business. Looking over the long rise of the railroads to dominance and wealth, followed by slow decline to bankruptcy, many observers now speak with hindsight. When the monopoly is broken, the capital is not easily extracted. That creates a monopoly for the right of way, but cannot evade the reality that railroads are a real estate investment without much value except as a way to create a transportation monopoly. Inquiring after the defining quality of railroads is to arrive eventually at the inflexible character of owning exclusive rights to a strip of land ten or twenty feet wide and many miles long. In time, it's possible magnetic levitation could prove that even rails are not the central defining element of railroads, either. In time diesel and then electric power disiplaced the steam locomotive steam engines do not define a railroad. Then, what happened?Ĭamden and Amboy Railroad, connecting the economies of New York City and Philadelphia, was the initial American attempt to exploit Isaac Watts' invention of the steam engine. In 1900, Philadelphia was said to be the richest city in the world. The Treaty of Versailles probably caused World War II, making WW II just a continuation of WW I.
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We rather favor the decline of family business and the rise of the modern corporation in its place. Some say the city-county consolidation of 1858. Others blame the Erie Canal, and Andrew Jackson, or maybe Martin van Buren. Why? Digby Baltzell blamed it on the Quakers. The world's richest industrial city in 1900, was defeated and dejected by 1950. Philadelphia: Decline and Fall (1900-2060) History: Philadelphia and the Quaker Colonies The young nation faced a clean slate and boundless opportunities. The Industrial Revolution began about the time America declared Independence. Philadelphia Since the Industrial Revolution The War of 1812 was merely an embarrassment. Background rumbling was from the French Revolution. American history between the Revolution and the approach of the Civil War, was dominated by the Constitutional Convention in Philadelphia in 1787.