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#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.

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

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