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Natural Monopoly and Railway Policy in the Nineteenth Century

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  • Foreman-Peck, J S

Abstract

Competition in the British railway system had burnt itself out by the end of the nineteenth century. Regression estimates of a cost fun ction based upon the 1865 railway returns are consistent with the ind ustry being a natural monopoly in which a number of firms were compet ing. The national railway system was not provided at the lowest cost. Analysis of two cross-national data sets implies the regulatory syst ems of other nations, which generally entailed monopolization and nat ionalization, generated lower railway capital costs than did that of the United Kingdom. Copyright 1987 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 39 (1987)
Issue (Month): 4 (December)
Pages: 699-718

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Handle: RePEc:oup:oxecpp:v:39:y:1987:i:4:p:699-718

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Cited by:
  1. James Foreman-Peck & Leslie Hannah, 2012. "Some Consequences of the Early Twentieth Century Divorce of Ownership from Control," Working Papers 0023, European Historical Economics Society (EHES).
  2. Bogart, Dan, 2010. "A global perspective on railway inefficiency and the rise of state ownership, 1880-1912," Explorations in Economic History, Elsevier, vol. 47(2), pages 158-178, April.
  3. Crafts, Nicholas, 2010. "Explaining the First Industrial Revolution: Two Views," CAGE Online Working Paper Series 10, Competitive Advantage in the Global Economy (CAGE).
  4. repec:cge:warwcg:10 is not listed on IDEAS

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