Walton and Rockoff on page 280 begin the chapter with: "Few developments have captured the attention of historians and contemporary observers like the railroad." As explained in the chapter, the private and public investment in the railroads transformed the economy and represented a bold investment in future economic growth. With this all in mind, how did the railroads represent a transition in the United States from the status of a developing to a developed

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How necessary was the public subsidy for the building of the railroads? Was it necessary for the government to regulate the railroads during this time period?

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