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Great Fortunes from Railroads

By Gustavus Myers
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EconomicsHistory - AmericanHistory - Modern (1750+)

About This Book

The work surveys how vast private fortunes arose from railroad construction and control, contrasting their rapid growth with the slower gains of early manufacturers. It explains how corporations, created by law, concentrated property and authority, enabling control through stock manipulation, strategic takeovers and legalistic tactics. Government actions — land grants, loans, favorable taxation and lax regulation — are shown to have shifted public resources into private hands, while corruption and market rigging displaced builders and small owners. Detailed chapters trace the expansion, transmission, and social consequences of these railroad fortunes and the institutional forces that permitted their rise.

About the Author

Myers, Gustavus portrait

Gustavus Myers

Gustavus Myers was an American journalist and historian known for his critical examination of wealth and power in American society. His notable works include "Great Fortunes from Railroads," which explores the immense wealth generated by the railroad industry, and "The History of Tammany Hall," a detailed account of the political organization that dominated New York City politics for much of the 19th century. Myers's writings often reflect his interest in social justice and the impact of economic inequality, contributing to the discourse on American capitalism and its historical context.

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