In the 19th century, Britain and the United States were the only two countries with the wealth to finance railroads; all others had to resort to government financing. Within a few decades railroads became huge monopolies, so heavy regulation began with the Interstate Commerce Commission (now defunct).
Other legacies from the rise to the rust of railroads:
- Time zones began as "railroad time."
- Industry standards (track gauge the most noted)
- Engineering schools; professional societies; management as a "profession."
- Big-time political lobbying (to get land grants at first).
- Emphasis on ROI as a fiduciary duty to shield boards from financial raiders.
- Bureaucratic organization to make board control easier.
- Santa Clara County vs. Southern Pacific (key Supreme Court case that recognized corporations as persons before the law.)
- Much early union organizing centered on railroads.
From 1840-1890, railroads displaced canals for hauling freight, and kept growing rapidly, opening much of the country to development. After growth topped out, speculators kept agitating for it. By 1900 the railroads were degenerating into regulated humdrum, and after 1950, they shrank, giving way to motor vehicle traffic.
In summary: major technical advances; major economic impact; constant conflict between investors and other stakeholders.