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Many Of The Railroad Projects Would Benefit From Foreign Investors, Most Of ...

Many of the railroad projects would benefit from foreign investors, most of who were British financial institutions, businesses, and entrepreneurs (Seavoy, 2006 p. 135).
Other North Atlantic countries did not have their economies so radically altered by the construction of railroad systems, or indeed seem to receive such as stimulating boost to their industries or their financial as the USA managed to achieve. For various reasons Canada was not able to expand as rapidly as its neighbour was (Hobsbawm, 1975 p. 58). As a British dominion Canada did receive substantial financial investment from Britain although the Canadians were unable to raise the same internal levels of investments as the USA. Canada was bigger than the USA yet its climate is less conducive to supporting a population as large as that of the USA or allowing the Canadians to make as much use of their equally bountiful natural resources (Hobsbawm, 1975 p. 53).
Taking the USA as an example the construction of railroad systems had a strong influence upon the economic patterns of North Atlantic countries, and certainly contributed to an expansion of industrialisation and trade. Britain had of course started to industrialise and also began to construct railroads before any other country had done so. However, Britain did not have enough resources or capacity to remain the world's most productive and wealthiest county over the long-term. The USA had not developed as quickly as could have been expected for a country that had so many natural resources at its disposal. Prior to the development of the railroad systems transport had been via river, sea, canal, or slowly over land by stagecoaches. The building of railroad systems although starting slowly eventually gained momentum and proved to be a potent catalyst for the expansion of American industrialisation and financial strength. The successful construction of railroads was reliant upon the production of iron, coal, and steel, as well as the recruitment of workers and the obtaining of substantial amounts of capital investment. Railroad construction allowed for substantial increases in industrial production as well as similar rises in internal and external trade. The USA became a better functioning and well connected internal market as a consequence of the construction of the railroads.

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