A Finalist for the Pulitzer Prize "A powerful book, crowded with telling details and shrewd observations." —Michael Kazin, New York Times Book Review The transcontinental railroads were the first corporate behemoths. Their attempts to generate profits from proliferating debt sparked devastating economic panics. Their dependence on public largesse drew them into the corridors of power, initiating new forms of corruption. Their operations rearranged space and time, remade the landscape of the West, and opened new ways of life and work. Their discriminatory rates sparked a new antimonopoly politics. The transcontinentals were pivotal actors in the making of modern America, but the triumphal myths of the golden spike, Robber Barons larger than life, and an innovative capitalism all die here. Instead we have a new vision of the Gilded Age, often darkly funny, that shows history to be rooted in failure as well as success.

Overregulated and displaced by barges, trucks, and jet aviation, railroads fell into decline. Their misfortune was measured in lost market share, abandoned track, bankruptcies, and unemployment. Today, rail transportation is reviving. American Railroads tells a riveting story about how this iconic industry managed to turn itself around.

The American public has a fascination with railroad wrecks that goes back a long way. One hundred years ago, staged railroad accidents were popular events. At the Iowa State fair in 1896, 89,000 people paid $20 each, at current prices, to see two trains, throttles wide open, collide with each other. "Head-on Joe" Connolly made a business out of "cornfield meets" holding seventy-three events in thirty-six years. Picture books of train wrecks do good business presumably because a train wreck can guarantee a spectacular destruction of property without the messy loss of life associated with aircraft accidents. A "train wreck" has also entered the popular vocabulary in a most unusual way. When political manoeuvering leads to failure to pass the federal budget, and a shutdown is likely of government services, this is widely called a "train wreck. " In business and team sports, bumbling and lack of coordination leading to a spectacular and public failure to perform is also called "causing a train wreck. " A person or organization who is disorganized may be labelled a "train wreck. " It is therefore not surprising that the public perception of the safety of railroads centers on images of twisted metal and burning tank cars, and a general feeling that these events occur quite often. After a series of railroad accidents, such as occurred in the winter of 1996 or the summer of 1997, there are inevitable calls that government "should do something.

Most economic theory assumes a pure capitalism of perfect competition. This book is a penetrating critique of the rhetoric and practice of conventional economic theory. It explores how even in the United States—the most capitalist of countries—the market has always been subject to numerous constraints. Perelman examines the way in which these constraints have been defended by such figures as Henry Ford, J. P. Morgan, and Herbert Hoover, and were indeed essential to the expansion of U.S. capitalism. In the process, he rediscovers the critical element in conservative thought—the “forgotten traditions of railroad economics”—that has been lost in the neoliberal present. This important and original historical reconstruction points the way to a discipline of economics freed from the mythology of the market.

America was made by the railroads. The opening of the Baltimore & Ohio line -- the first American railroad -- in the 1830s sparked a national revolution in the way that people lived thanks to the speed and convenience of train travel. Promoted by visionaries and built through heroic effort, the American railroad network was bigger in every sense than Europe's, and facilitated everything from long-distance travel to commuting and transporting goods to waging war. It united far-flung parts of the country, boosted economic development, and was the catalyst for America's rise to world-power status. Every American town, great or small, aspired to be connected to a railroad and by the turn of the century, almost every American lived within easy access of a station. By the early 1900s, the United States was covered in a latticework of more than 200,000 miles of railroad track and a series of magisterial termini, all built and controlled by the biggest corporations in the land. The railroads dominated the American landscape for more than a hundred years but by the middle of the twentieth century, the automobile, the truck, and the airplane had eclipsed the railroads and the nation started to forget them. In The Great Railroad Revolution, renowned railroad expert Christian Wolmar tells the extraordinary story of the rise and the fall of the greatest of all American endeavors, and argues that the time has come for America to reclaim and celebrate its often-overlooked rail heritage.

Just as the railroad transformed America's economic landscape, it profoundly transfigured its citizens as well. But while there have been many histories of railroads, few have examined the subject as a social and cultural phenomenon. Informed especially by rich research in the nation's newspaper archives, Craig Miner now traces the growth of railroads from their origins in the 1820s to the onset of the Civil War. In this first social history of the early railroads, Miner reveals how ordinary Americans experienced this innovation at the grass roots, from boosters' dreams of get-rich schemes to naysayers' fears of soulless corporations. Drawing on an amazing 400,000 articles from 185 newspapers-plus more than 3,000 books and pamphlets from the era-he documents the initial burst of enthusiasm accompanying early railroading as it took shape in various settings across the country. Miner examines the cultural, economic, and political aspects of this broad and complicated topic while remaining rooted in the local interests of communities. He takes readers back to the days of the Mauch Chunk Railway, a tourist sensation of the mid-1820s, navigates the mixed reactions to trains as Baltimore's city fathers envisioned tracks to the Ohio River, shows how Pennsylvanians wrestled with the efficacy of railroads versus canals, and describes the intense rivalry of cities competing for trade as old transportation patterns were replaced by the new rail technology. Miner samples individual railroads to compare progress across the industry, showing how it became a quintessentially American business-and how the Panic of 1837 significantly slowed the railways as a major engine of growth for many years. He also explores the impact of railroads on different regions, even disproving the backwardness of the South by citing the Central of Georgia as one of the best-managed and most profitable lines in the country. Through this panoramic work, readers will discover just how the benefits of what became the country's first big business triumphed over cultural concerns, though not without considerable controversy along the way. By identifying citizens' hopes and fears sparked by the railroads, A Most Magnificent Machine takes readers down the tracks of progress as it opens a new window on antebellum America.