Abstract
The emergence of railroads presented a problem for the developing economic profession. Railroads, by their very nature, often had a localized monopoly. The check that competition was expected to impose on firm behavior was singularly lacking. At the same time, railroads in the United States were national in scope and thus affected interstate commerce. The Interstate Commerce Act and the Commission spawned by the Act represented the first halting steps towards coping with the monopoly power that was a consequence of the Second Industrial revolution. In this paper, the views of prominent economic and legal thinkers regarding the proper legal framework for railroads are reviewed.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.