Who established a monopoly over the railroad industry in the late 19th century?

Cornelius Vanderbilt was instrumental in shaping the railroad industry during the late 19th century, making him a key figure in its expansion and development. He recognized the potential of railroads for transporting goods and people more efficiently than other modes of transportation available at the time. Vanderbilt strategically acquired different railroads, consolidating them into a more extensive network, which allowed him to dominate the market and effectively establish a monopoly.

Vanderbilt's focus on efficiency in operations and aggressive business practices helped him reduce competition and control freight rates, thus solidifying his dominance in the railroad industry. His achievements contributed significantly to the growth of the American economy, particularly in facilitating trade and mobility. This made his impact on the railroad sector particularly notable during this transformative period in American history.