railway mania

A period of intense speculation in British railway companies, particularly 1844–7, when investment in new railway schemes expanded dramatically. Hundreds of proposed lines sought parliamentary approval, attracting investors with the prospect of rapid profits. The boom was encouraged by cheap credit and growing confidence in railway technology, but speculation collapsed in 1845–7 amid rising interest rates and financial difficulties. Many schemes failed or were abandoned, while the railways that survived helped create the extensive British railway network.