Just a quick reply on the question of regularion. Without referring to the particular books and teachers that influenced me, I would suggest that:
1. Regulation was long overdue when it arrived. Cartels, discriminatory practices, stock watering, financial manipulation for a few at the expense of stockholders at large and emplohess, all were characteristics of the industry before regularion.
2. Much if not all of the above regularion outlived its usefulness. General laws had been put in place that could have controlled the worst of the abuses without any specific railroad regulation, and once trucking became competitive, this competition made much of the exsting regularion harmful to railroads who (1) no longer held a monopoly anywhere, (2) had to work together to avoid nearly all traffic going to trucks, and (3) prevented railroads from earning sufficient profits to attract capital for improvement to better serve customers.
Dave,
I believe that the need or desirability of regulation was way overstated, and that even if some control was needed, the oppressive regulation that was in fact imposed was guaranteed to wreck the most dynamic industry of the time. This is precisely what Martin was discussing at length in his book.
The interpretation of history is a constantly changing one. Thus the plethora of "revisionist history" books being written. Both Martin and Klein fall into this category -- see also Klein's "The Life and Legend of Jay Gould" which should be on the top 10 list also.
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