Question 1

Explain why profits and a positive rate of return on investment matter in any industry.Explain how they provide industrialists with the incentive to provide the services most valued by their customers.Illustrate using the experiences of the railroad industrialists.

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Question 2

Discuss the historical significance of the Granger Cases in the 1870s.

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Question 3

Many individuals blame government regulation for the demise of the railroad industry.Describe their economic reasoning.

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Question 4

Describe the impact of populist agitation and of rural anti-big business,anti-eastern establishment attitudes on government policies in agriculture,banking and industry in the period between the ?Civil War and World War I.In what areas did this public pressure make the most difference in ?U.S.economic development?

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Question 5

How was the history of the railroad influenced by private ownership? Government regulation? How did (i)unfettered capitalism and (ii)government regulation influence the rise and fall of the railroad industry?

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Question 6

Some researchers argue that the railroad industry was the first industry captured by special interest groups.Identify how and why railroad industrialists as well as customers would want to do so.What are the economic consequences?

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Question 7

What is the Sherman Anti-trust Act of 1890? What is the economic history behind this act? How is this act applied today?

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Question 8

What influenced and supported the shift in legal opinion and tradition that changed private property from being protected from government interference early in American history to being more heavily regulated later on? Discuss both agriculture and the railroad industry,and briefly mention the effects of these changes on American economic growth.

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Question 9

What is a monopoly? Why did some individuals strongly believe that the railroad industrialists possessed monopoly power? Were their beliefs substantiated? What actions were taken against?the railroads? How do these actions affect us today?

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Question 10

Incentives matter.Identify the main special interest group behind the Sherman Anti-trust Act of 1890 and identify why they wanted to pass this act.

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Quiz 14: Railroads and Economic Development