The original capital-markets industry: land grants, over-building, bankruptcy, consolidation, and eventually durable pricing power.
How the transcontinental railroads, the first corporate giants, reshaped America.
How Penn Central collapsed in 1970, then the largest US corporate failure.
The investors, politicians and workers who built the transcontinental railroad.
The building of America's first transcontinental railroad, from plan to completion.
Conrail, deregulation and how US railroads returned to profit.
Why US railroads declined under regulation and recovered after the Staggers Act.