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| Government spending (Photo credit: 401K) |
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| RTS 2016.906 @ Selzthal (Photo credit: rpeschetz) |
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| Rail Transport Museum Class 59 No 5910 light engine in the yard just beyond the platforms at Sydney Terminal Railway Station, New South Wales, Australia. (Photo credit: express000) |
New Levels of Capitalism: Finance:
As the
railroads increased so did corruption, which took many forms: absconding with
public funds, distributing unfunded
stock certificates, inflating public stocks, padding construction costs, and accepting bribes for political favors. When
financial markets collapsed, the railroads exercised their considerable political influence and the state forgave loans or renegotiated payments. Richard
White maintains that “the railroads and the modern state were co-productions. . . .
Congress and the courts created ways in which corporations could fail repeatedly and arise again.”
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