“The second point is that, in the key industries we have studied, the state failed as an economic developer. It failed first as a subsidizer of industrial growth. Vanderbilt showed this in his triumph over the Edward Collins' fleet and the Pacific Mail Steamship Company in the 1850s. James J. Hill showed this forty years later when his privately built Great Northern outdistanced the subsidized Northern Pacific and Union Pacific. The state next failed in the role of an entrepreneur when it tried to build and operate an armor plant in competition with Charles Schwab and Bethlehem Steel. The state also seems to have failed as an active regulator of trade. The evidence in this study is far from conclusive; but we can see problems with the Interstate Commerce Commission and the Sherman Anti-trust Act, both of which were used against the efficient Hill and Rockefeller.”