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by AnimalMuppet 33 days ago
The Union Pacific Railroad (the eastern half of the transcontinental railroad) also caused the financial crisis of 1873 (due to construction costs and various corruption and bribery around financing them). It then went bankrupt in 1893.

So, yes, it transformed the country. That didn't necessarily benefit the stockholders and bondholders.
1 comments
WalterBright 33 days ago
1. It finished the railroad in 1869. 1873 was four years later. 1893 was 24 years later - a generation.

2. Check out "Nothing Like It in the World" by Ambrose.

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AnimalMuppet 33 days ago
Right, but four years later was definitely caused by the problem of (and shenanigans around) financing the original construction. Even if you want to say that 1893 was too late to be relevant, 1873 wasn't. It was the problem of financing the original construction that damaged the entire US economy.
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