Abstract
The privatization of the railways in Britain is almost complete. The article describes the method of privatization, where a vertically integrated state-owned monopoly has been broken up into a monopoly trackcompany, three monopolistic owners ofpassenger rolling-stock, 25franchised passenger train operating companies, a freight operating company, and large numbers of suppliers of services. The author explains the potentialfor competition within this complex structure, in an industry which has been steadily losing its share of the transport market for some 70 years. Attention is drawn to the absence of any clear criteria for continued public subsidy and to the tensions which exist between the Regulator and other players in the industry.
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