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Taxation, Regulation, and the Level Playing Field

In: The New International Money Game

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  • Robert Z. Aliber

    (University of Chicago)

Abstract

One way to get the trains to run on time is to straighten the tracks. Another is to use more powerful locomotives. A less costly way — indeed, the cheapest way — is to lengthen the time allowed for the journey. In the 1920s, the trip from Chicago to New York on the Twentieth Century Limited took 15 hours; passengers got refunds if the train was late, with the amounts of the refunds scaled to the length of the delays. The same journey on Amtrak now takes 19–20 hours on the Broadway Limited — and there are no refunds if the train is late. The mileage between Chicago and New York is constant. If the trains can’t adjust to the timetables, then the timetables adjust to the trains.

Suggested Citation

  • Robert Z. Aliber, 2011. "Taxation, Regulation, and the Level Playing Field," Palgrave Macmillan Books, in: The New International Money Game, edition 0, chapter 15, pages 219-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24672-0_16
    DOI: 10.1057/9780230246720_16
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    Domestic Resident; Foreign Income;

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