In the Gilded Age, Americans loved and feared the railroad companies and it can teach Big Tech a valuable lessonGet the Full Storyfabrizio verrecchia Unsplash
Railroad companies of the Gilded Age and modern tech giants can both make claim to a monopoly over the market.
The monopolization of the railroad caused concerns because their technological advances were based on profit, rather than societal values.
The train companies also had the power to determine who succeeded and who failed in business.
As the same concerns arise with tech-giants today, governmental regulation may be the solution.
Late 19th-century Americans loved railroads, which seemed to eradicate time and space, moving goods and people more cheaply and more conveniently than ever before. And they feared railroads because in most of the country it was impossible to do business without them.
Businesses, and the republic itself, seemed to be at the mercy of the monopoly power of railroad corporations. American farmers, businessmen and consumers thought of competition as a way to ensure fairness in the marketplace. But with no real competitors over many routes, railroads could charge different rates to different customers. This power to decide economic winners and losers threatened not only individual businesses but also the conditions that sustained the republic.See the rest of the story at Business InsiderNOW WATCH: What would happen if humans tried to land on JupiterSee Also:How cats see the world compared to humansWe tried biscuit breakfast sandwiches from major fast-food chains and the winner is shockingly clear3 hostages and gunman found dead after daylong standoff at California veterans' facilitySEE ALSO: Today is officially the National Day of Unplugging here's why that's so important to our health
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