The Next Economic Bubble

... bonds that financed the building of the Erie Canal in the early nineteenth century were guaranteed by the state of New York. In the mid-nineteenth century, the federal government subsidized railroad construction through massive grants of public ...

http://www.foreignaffairs.com/articles/139871/william-h-janeway/the-next-economic-bubble?cid=rss-rss_xml-the_next_economic_bubble-000000