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And it was taken over by the government because those private companies were going bankrupt, so it's still not a good promotion for the private market
by Macha 4y ago
And it was taken over by the government because those private companies were going bankrupt, so it's still not a good promotion for the private market
- eru 4y agohttps://www.econlib.org/library/Enc/SurfaceFreightTransportationDeregulation.html https://www.econlib.org/library/Enc/SurfaceFreightTransporta... and https://www.history.com/this-day-in-history/u-s-government-takes-over-control-of-nations-railroads https://www.history.com/this-day-in-history/u-s-government-t... suggest there's more to the story: > The U.S. entry into the war in April 1917 coincided with a downturn in the fortunes of the nation’s railroads: rising taxes and operations costs, combined with prices that were fixed by law, had pushed many railroad companies into receivership as early as late 1915. A year later, in a last-minute bill passed through Congress, Wilson had forced the railroad management to accept union demands for an eight-hour work day. Government fixed prices, and made one of their factors of production (labour) more expensive.