n his Rostovian Take-off Thesis, Walt W. Rostow was one of the first economic historians to propose and justify the conventional view that railroads were crucial to American economic growth. According to Rostow, railroads were responsible for the “take-off” of American industrialization in the period of 1843-1860. This “take-off” in economic growth occurred because the railroad helped to decrease transportation costs, transport new products and goods to commercial markets, and generally widen the market.[10] Furthermore, the development of railroads stimulated the growth of the modern coal, iron, and engineering industries, all of which were essential for wider economic growth.[10] According to Rostow’s Take-off Thesis, railroads generated new investment, which simultaneously helped develop financial markets in the United States. Like Rostow, American economic historian Leland Jenks (having conducted an analysis based on Joseph Schumpeter's theory of innovation) similarly claims that railroads had a direct impact on the growth of the United States’ real income and an indirect impact on its economic expansion