Summary of Burt Folsom's The Myth of the Robber Barons

Please note: This is a companion version & not the original book. Book Preview: #1 The steamship industry was one of the first large-scale businesses to be mechanized, and it was in the vanguard of technological change. It was also highly competitive, and soon became large in scale.#2 The triumph of market entrepreneurs in steamboating led to improvements in technology. As one man observed, The boat builders, freed from the domination of the Fulton-Livingston interests, were quick to develop new ideas that before had no encouragement from capital.#3 Vanderbilt was a market entrepreneur who fought monopolies. He cut costs by improving steamship technology and lowering fares. He was called a monopolist by his competitors, but he actually brought competition to the industry.#4 In the 1840s, improving technology changed steamboats into steamships. The new steamers were many times bigger and faster than Fulton s Clermont. They were sturdy and were built to cross the Atlantic Ocean.