In the 1840s, the introduction of modern railroads sparked the 19th century equivalent of a tech boom in Britain. Hundreds of new railroad lines were proposed in just a few short years, each more ambitious and opulent than the one that preceded it. Market prices exploded, and the British Parliament approved plans for more than 9,000 miles of prospective railroad track. According to scholar Andrew Odlyzko, the amount of money involved in railway construction was at one point more than double what the British government spent on its military.
Despite the frenzy of speculation, the railroad industry proved more fickle than many investors had been led to believe. After peaking in 1845, railway stocks underwent an agonizing multi-year slide. Continue Reading from History
