In What Ways Does the Development of the Railroad Industry

question 102

Essay

In what ways does the development of the railroad industry in the late nineteenth century illustrate the limitations of the myth of individual free enterprise in American history? What did government hope to attain by its promotion of railroad construction? What, in fact, did it attain?

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Definitions:

Tax Rates

The percentage at which an individual or corporation is taxed, which can vary depending on income levels or the type of goods and services.

Tax Revenues

The income that is received by a government from taxpayers, used to fund public services and government operations.

Keynesian

A theory in economics that emphasizes the total spending in the economy and its effects on output and inflation.

Monetarist Economists

Economists who believe that the variation in the money supply has major influences on national output in the short run and the price level over longer periods.