Question posted by @darevan: What impact did these robber barons have on not only the economic development of the U.S. but on the relationship between U.S. government and its market?
Reponse: In the example of the steamship company used in the talk, the "robber baron" in this example (Collins) had a significant impact on the economy due to his poor business practice. When considering the reasoning for the government stimulating his business, one would expect that his steamship mailing service would see the United States overtake the United Kingdom in steamship economic gain for both the country and the private economy. Yet due to acts of God as well as terrible business decisions, the business failed and proved a fruitless investment of taxpayer money. This then, hindered the economy when the government could have either bees supporting better business men, such as Vanderbilt, or not assisting private business at all and letting natural, capitalistic competition spur business and the economy by itself. The second example, of the Transcontinental railroad proves a more concrete vision of how these robber barons hinder the economy. Since there were two companies competing for the financial support of the government, they resorted to drastic and violent measures to destroy the other's section of track, as well as their reputation to the government. What they failed to realize is that they were really hurting the citizens of the US, as well as the economy in a much greater way. By failing to provide the nation with a much needed railway system, it stunted the economic growth that it should have felt the benefits of. Due to these colossal failures in management and government decisions, it destroyed the public's trust in the government and negatively effected the government-market relationship forever.
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