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The 1844 Railway Act: a violation of laissez-faire political economy?

Bailey, Mark (2004) The 1844 Railway Act: a violation of laissez-faire political economy? History of Economic Ideas, 12 (3). pp. 7-24. [Journal article]

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Abstract

This paper examines the economic rationale behind the 1844 Railway Act in Britain. This was one of the first, if not the first, pieces of British parliamentary legislation in the modern era to propose nationalisation as a solution to market failure.In 1844 William Gladstone proposed and implemented what we would now call price and quantity regulation - an idea that still impacts today in Britain with this basic pattern of regulation not being abolished until the 1960 Transport Act. However, the stick of nationalisation was to hang over the railways for 21 years until 1865.

Item Type:Journal article
Faculties and Schools:Ulster Business School
ID Code:20598
Deposited By: Dr Mark Bailey
Deposited On:03 Jan 2012 06:59
Last Modified:06 May 2014 13:29

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