Final answer:
The introduction of the railway led to immense economic growth, increased political power, and significant social changes, including the establishment of time zones. Railroads became the dominant means of transportation, spurring national unity and market system emergence, despite the occurrence of financial scandals.
Step-by-step explanation:
Once the railway was introduced, economic growth and national unity further intensified. The availability of rail transportation facilitated the expansion of industries such as iron, wood, coal, and prompted the emergence of a national market system. This created national oversight due to the need for standardization in safety measures and equipment compatibility across regions. As a result, an increase in political power occurred as governments implemented regulations to manage this burgeoning infrastructure.
The railway system also led to significant social and cultural changes. One notable example is the establishment of standardized time zones to coordinate train schedules. This concept of time standardization, originally initiated in Britain for the railroads, quickly spread to other countries, imposing a precise shared sense of timing and further integrating the economy and society at large.
In addition to these developments, railroads facilitated more efficient transportation of goods and passengers, leading to tripled volumes between 1877 to 1890. They also engaged in competition with canals, eventually becoming the dominant means of transport due to their speed and reliability despite higher shipping costs. However, growth of the railroad industry wasn't without its problems, such as financial scandals involving construction companies, leading to further government involvement.