{"id":85451,"date":"2024-02-04T01:00:15","date_gmt":"2024-02-04T06:00:15","guid":{"rendered":"https:\/\/quotulatiousness.ca\/blog\/?p=85451"},"modified":"2024-02-04T10:48:08","modified_gmt":"2024-02-04T15:48:08","slug":"qotd-american-railroads-and-the-interstate-commerce-commission","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2024\/02\/04\/qotd-american-railroads-and-the-interstate-commerce-commission\/","title":{"rendered":"QotD: American railroads and the Interstate Commerce Commission"},"content":{"rendered":"<blockquote><p><a href=\"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2019\/06\/QotD-thumbnail-400x400.png\"><img loading=\"lazy\" decoding=\"async\" style=\"float:right; padding: 0px 0px 10px 25px\" src=\"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2019\/06\/QotD-thumbnail-400x400.png\" alt=\"\" width=\"400\" height=\"400\" class=\"alignright size-full wp-image-48672\" srcset=\"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2019\/06\/QotD-thumbnail-400x400.png 400w, https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2019\/06\/QotD-thumbnail-400x400-150x150.png 150w, https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2019\/06\/QotD-thumbnail-400x400-50x50.png 50w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a>The railroads [in the decades immediately following the U.S. civil war] saw advantages to regulation. Unstable prices, disliked by rail customers, could also be detrimental to the railroads. A recession in 1884 led to the failure of a number of railroads, and the railroads wanted to undertake pooling arrangements for their mutual profitability. Thus, the railroad industry, which was very competitive, wanted the ICC [Interstate Commerce Commission] to stabilize rates, regulate routes, and protect their profitability. Essentially, the ICC cartelized the industry, allowing it to be more profitable than it could have been in a more competitive unregulated environment.<\/p>\n<p>Randy Holcombe, <em>Liberty in Peril: Democracy and Power in American History<\/em>, (2019).<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The railroads [in the decades immediately following the U.S. civil war] saw advantages to regulation. Unstable prices, disliked by rail customers, could also be detrimental to the railroads. A recession in 1884 led to the failure of a number of railroads, and the railroads wanted to undertake pooling arrangements for their mutual profitability. Thus, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":35193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[831,84,7,41,237,13],"tags":[484,1535,1022],"class_list":["post-85451","post","type-post","status-publish","format-standard","hentry","category-business","category-government","category-history","category-quotations","category-railways","category-usa","tag-competition","tag-oligopoly","tag-regulatorycapture"],"jetpack_featured_media_url":"https:\/\/quotulatiousness.ca\/blog\/wp-content\/uploads\/2016\/06\/favicon.png","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-mef","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/85451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=85451"}],"version-history":[{"count":3,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/85451\/revisions"}],"predecessor-version":[{"id":87133,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/85451\/revisions\/87133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media\/35193"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=85451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=85451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=85451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}