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What Impact Did The Railroad Have On The Economy Essay

738 Words3 Pages

They created "new, and taxable, wealth" (Encyclopedia.com) for the U.S. Government. They made use of desolate/vacant, as well as, untapped, idle or underused land. They had a significant impact on the transportation and railroad industries by allowing railroad franchise magnates to acquire great wealth and gain immense revenue through its somewhat, expensive, business. ⦁ They led to the creation of hundreds of thousands of new towns/cities ⦁ They expanded existing United States territories and increased the number of states in the country. ⦁ They led to a surge in capital, enhanced trade, and boosted travelling rates. ⦁ They lowered the cost of transportation. ⦁ Railroads helped increase the population by extended the routes of trains, which …show more content…

⦁ They caused an increase in jobs to occur in the booming new industries railroad businesses relied on such as oil, steel, mining, and iron. ⦁ Railroad influenced the production of new forms of transportation industries, which were all in for "big money." ⦁ They had a negative impact on the environment since the trains that railroads were built for produced air and noise pollution by expelling toxic greenhouse gases into the atmosphere and making noise with its whistles and engines. ⦁ They led to robber barons and monopolies in the U.S. financial market. ⦁ They assisted in the use of child labor and sweatshops, although, they also had labor unions targeted against them causing strikes/work stoppages. ⦁ They were influential in the Panic of 1837, which caused a national economic depression. ⦁ Railroads in America influenced the creation of them in foreign countries such as Canada, Great Britain, France, Germany, Sweden, Russia, Finland, Australia, China, Baghdad, Siberia, Taiwan, Japan, South Korea, South American countries, and numerous others. ⦁ They led to the creation of Wall …show more content…

Big business also promoted child labor as a means of increasing work productivity and gaining companies more money, which was one of its negative impacts. Despite this, ultimately, big business was good for the country because it allowed the U.S. to grow financially and with more money comes more power and influence, which was extremely important to the expanding

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