2-6, Faulkner, rentseeking, 1880s r.r.s

2-6, Faulkner, rentseeking, 1880s r.r.s - 1895, a 2 nd...

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Faulkner, Harold U., 1959. Politics, Reform and Expansion, 1890-1900 . NY: Harper & Row, Publishers. Cited in Sperling, John, 1966. Great Depressions . Chicago: Scott, Foresman and Company. pp.99 ff. 10 days before Benj. Harrison left office, in March 1893, the Phila. and Reading R.R. went broke. Cleveland moved into power, and depression broke. It was bad. Several R.R.s failed: Erie, NP, UP, and ATSF.
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Unformatted text preview: 1895, a 2 nd shock, many banks failed. E.L. Godkin, W.G. Sumner, and J. Lawrence Laughlin blamed radical attacks on property. p.102, there had been subeconomic, premature rail expansion in the 1880s: 74,000 new miles. Through miles and miles of uninhabited wilderness, merely to insure that another road would not claim the territory first....
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This note was uploaded on 02/16/2012 for the course ECON 123 taught by Professor Smith during the Winter '11 term at UC Riverside.

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