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Purpose and benefits

Cornelius ‘Commodore’ Vanderbilt is one of America’s greatest-ever businessmen. Vanderbilt amassed fabulous wealth—some $105 million—an unimaginable amount in the 19th century. Yet he did so by genuinely improving the lot of people in the United States. Wherever Vanderbilt opened for business, the prices came down and the services improved. By eradicating state monopolies, Vanderbilt increased the incentive to invest in improving technology to provide a competitive advantage. It was a classic case of how capitalism and competition can deliver a better deal for the consumer, and benefit a nation’s economy.