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

Research output: Contribution to journalArticle

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.
LanguageEnglish
Pages7-24
JournalHistory of Economic Ideas
Volume12
Issue number3
Publication statusPublished - 2004

Fingerprint

nationalization
political economy
German Federal Railways
act
regulation
market failure
legislation
economics
Nationalization
Violations
Political economy
Railway
Laissez-faire
Political Economy
Economics
Legislation
Market failure
Rationale
Parliamentary
Modern Era

Cite this

@article{49250d76d02d451ba428231464716fa4,
title = "The 1844 Railway Act: a violation of laissez-faire political economy?",
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.",
author = "Mark Bailey",
year = "2004",
language = "English",
volume = "12",
pages = "7--24",
journal = "History of Economic Ideas",
issn = "1122-8792",
number = "3",

}

The 1844 Railway Act: a violation of laissez-faire political economy? / Bailey, Mark.

In: History of Economic Ideas, Vol. 12, No. 3, 2004, p. 7-24.

Research output: Contribution to journalArticle

TY - JOUR

T1 - The 1844 Railway Act: a violation of laissez-faire political economy?

AU - Bailey, Mark

PY - 2004

Y1 - 2004

N2 - 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.

AB - 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.

M3 - Article

VL - 12

SP - 7

EP - 24

JO - History of Economic Ideas

T2 - History of Economic Ideas

JF - History of Economic Ideas

SN - 1122-8792

IS - 3

ER -