James Foreman-Peck and Robert Millward
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203599
- eISBN:
- 9780191675881
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203599.001.0001
- Subject:
- History, British and Irish Modern History, Economic History
Britain led the way for much of the world with industrial privatisation during the 1980s. Yet the historical origins of the process that was being reversed have rarely been examined. This is a study ...
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Britain led the way for much of the world with industrial privatisation during the 1980s. Yet the historical origins of the process that was being reversed have rarely been examined. This is a study of public and private ownership in industries such as railways, gas, water, electricity, and telecommunications. Industries such as these rely upon a substantial physical distribution network that ‘channels’ their service from source to destination. They thus raise distinctive problems for government policy, as their requirement for some sort of unified system is incompatible with the coexistence of a number of competing service suppliers. Yet competition has been the traditional guarantee of ‘fair’ and minimum prices in British industrial policy. This tension between experience and ideology provoked a variety of government policies over the last two centuries. This book provides an economic history of the network industries, which continue to play an important role in the British economy. It traces the development of various institutional arrangements from the early 19th century until the end of the 1980s, and provides quantitative estimates of their performance.Less
Britain led the way for much of the world with industrial privatisation during the 1980s. Yet the historical origins of the process that was being reversed have rarely been examined. This is a study of public and private ownership in industries such as railways, gas, water, electricity, and telecommunications. Industries such as these rely upon a substantial physical distribution network that ‘channels’ their service from source to destination. They thus raise distinctive problems for government policy, as their requirement for some sort of unified system is incompatible with the coexistence of a number of competing service suppliers. Yet competition has been the traditional guarantee of ‘fair’ and minimum prices in British industrial policy. This tension between experience and ideology provoked a variety of government policies over the last two centuries. This book provides an economic history of the network industries, which continue to play an important role in the British economy. It traces the development of various institutional arrangements from the early 19th century until the end of the 1980s, and provides quantitative estimates of their performance.
RAPHAEL SCHAPIRO
- Published in print:
- 2003
- Published Online:
- January 2010
- ISBN:
- 9780199260201
- eISBN:
- 9780191717352
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199260201.003.0008
- Subject:
- History, British and Irish Modern History, Economic History
This chapter presents a theoretically informed discussion on the origins and development of public ownership in Britain. It focuses on a period of history when different economic and political forces ...
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This chapter presents a theoretically informed discussion on the origins and development of public ownership in Britain. It focuses on a period of history when different economic and political forces were operating, a time when municipalization and private ownership were both considered to be viable options. It argues that despite much contemporary and historical perception to the contrary, the inexorable absorption of infrastructure services by the public sector was more a product of agency problems than a function of the political complexion of government.Less
This chapter presents a theoretically informed discussion on the origins and development of public ownership in Britain. It focuses on a period of history when different economic and political forces were operating, a time when municipalization and private ownership were both considered to be viable options. It argues that despite much contemporary and historical perception to the contrary, the inexorable absorption of infrastructure services by the public sector was more a product of agency problems than a function of the political complexion of government.
G. R. Searle
- Published in print:
- 1993
- Published Online:
- October 2011
- ISBN:
- 9780198203575
- eISBN:
- 9780191675874
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203575.001.0001
- Subject:
- History, British and Irish Modern History
Historians have long debated the issue of why Britain did not experience a ‘middle-class revolution’. In the mid-Victorian years, in the aftermath of the Great Reform Act and the repeal of the Corn ...
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Historians have long debated the issue of why Britain did not experience a ‘middle-class revolution’. In the mid-Victorian years, in the aftermath of the Great Reform Act and the repeal of the Corn Laws, it seemed that a decisive shift of power from the aristocracy to the middle class might take place. This book shows how many MPs from business backgrounds, the so-called ‘entrepreneurial Radicals’, came to Westminster determined to impose their own values and priorities on national life. Some wanted to return public manufacturing establishments to private ownership; others hoped to create an ‘educational market’. Nearly all of them worried about how best to safeguard the truths of political economy should the franchise be extended to the propertyless masses. Their partial successes and many failures helped determine the political culture of modern Britain.Less
Historians have long debated the issue of why Britain did not experience a ‘middle-class revolution’. In the mid-Victorian years, in the aftermath of the Great Reform Act and the repeal of the Corn Laws, it seemed that a decisive shift of power from the aristocracy to the middle class might take place. This book shows how many MPs from business backgrounds, the so-called ‘entrepreneurial Radicals’, came to Westminster determined to impose their own values and priorities on national life. Some wanted to return public manufacturing establishments to private ownership; others hoped to create an ‘educational market’. Nearly all of them worried about how best to safeguard the truths of political economy should the franchise be extended to the propertyless masses. Their partial successes and many failures helped determine the political culture of modern Britain.
John Habakkuk
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203988
- eISBN:
- 9780191676062
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203988.003.0006
- Subject:
- History, British and Irish Modern History
The reasons for the purchase of estates were many and complex. The owner of an estate, furthermore, was the head of a community of tenants and labourers. Politics might also be a motive for purchase ...
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The reasons for the purchase of estates were many and complex. The owner of an estate, furthermore, was the head of a community of tenants and labourers. Politics might also be a motive for purchase in more restricted senses. There was another direct link with politics. In some cases total purchases were influenced by electoral considerations. An estate conferred power of patronage, partly because it gave access to positions of authority in the county. All these advantages of estate ownership could be enjoyed by a purchaser for a lifetime without any ambition to found a landed family. All these motives for estate purchase were social and political; but an estate was also an investment. A great deal of land was sold by the state.Less
The reasons for the purchase of estates were many and complex. The owner of an estate, furthermore, was the head of a community of tenants and labourers. Politics might also be a motive for purchase in more restricted senses. There was another direct link with politics. In some cases total purchases were influenced by electoral considerations. An estate conferred power of patronage, partly because it gave access to positions of authority in the county. All these advantages of estate ownership could be enjoyed by a purchaser for a lifetime without any ambition to found a landed family. All these motives for estate purchase were social and political; but an estate was also an investment. A great deal of land was sold by the state.
John Habakkuk
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203988
- eISBN:
- 9780191676062
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203988.003.0008
- Subject:
- History, British and Irish Modern History
In the 19th century there was a marked change in estate ownership and a dramatic decline in the social and political role of landed families. The most evident change is the increase in the sale of ...
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In the 19th century there was a marked change in estate ownership and a dramatic decline in the social and political role of landed families. The most evident change is the increase in the sale of estate land. A very large number of the landed families existing in 1880 sold land in the century that followed. Several estates were sold in lots to tenants or local bourgeoisie. What has changed over the last century is not only the personnel of the landed elite or the amount of land held in the form of estates, but the attitudes and ambitions of the new men who have bought estates. It is natural to suppose that the fortunes of the house and the estate waned together under a common set of unfavourable influences.Less
In the 19th century there was a marked change in estate ownership and a dramatic decline in the social and political role of landed families. The most evident change is the increase in the sale of estate land. A very large number of the landed families existing in 1880 sold land in the century that followed. Several estates were sold in lots to tenants or local bourgeoisie. What has changed over the last century is not only the personnel of the landed elite or the amount of land held in the form of estates, but the attitudes and ambitions of the new men who have bought estates. It is natural to suppose that the fortunes of the house and the estate waned together under a common set of unfavourable influences.
THOMAS P. POWER
- Published in print:
- 1993
- Published Online:
- October 2011
- ISBN:
- 9780198203162
- eISBN:
- 9780191675768
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203162.003.0003
- Subject:
- History, British and Irish Modern History
This chapter discusses Tipperary’s landed society. In the 18th century, there were important structural and personnel changes in the county’s landed class arising from the disposal of the Ormond, ...
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This chapter discusses Tipperary’s landed society. In the 18th century, there were important structural and personnel changes in the county’s landed class arising from the disposal of the Ormond, Everard, and Dunboyne estates in the early part of the century, and, later, from sales on the Mathew and Meade estates. The breakup of the first three estates stemmed from serious indebtedness, the solution to which led to the rise of new families in the landed class; while in the case of the two latter, it led to the establishment of substantial Catholic head-tenants as owners in fee. The changing relationship between levels of income, expenditure, and debt created by the prosperity of the latter half of the century, allowed for a greater solvency among landed families as a whole, in contrast to the economically difficult conditions of the early part of the century. Prosperity widened the base of the landed class, a development which benefited Catholics particularly. Consideration of landed Catholics at the levels of owners in fee, head tenants, and converts demonstrates that they formed an influential section of landed Society.Less
This chapter discusses Tipperary’s landed society. In the 18th century, there were important structural and personnel changes in the county’s landed class arising from the disposal of the Ormond, Everard, and Dunboyne estates in the early part of the century, and, later, from sales on the Mathew and Meade estates. The breakup of the first three estates stemmed from serious indebtedness, the solution to which led to the rise of new families in the landed class; while in the case of the two latter, it led to the establishment of substantial Catholic head-tenants as owners in fee. The changing relationship between levels of income, expenditure, and debt created by the prosperity of the latter half of the century, allowed for a greater solvency among landed families as a whole, in contrast to the economically difficult conditions of the early part of the century. Prosperity widened the base of the landed class, a development which benefited Catholics particularly. Consideration of landed Catholics at the levels of owners in fee, head tenants, and converts demonstrates that they formed an influential section of landed Society.
James Foreman-Peck and Robert Millward
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203599
- eISBN:
- 9780191675881
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203599.003.0005
- Subject:
- History, British and Irish Modern History, Economic History
Initially, local authority involvement was limited to the provision of railway track and by 1883 the local authorities owned one-third of the track mileage. The 1890s saw a rapid growth of electric ...
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Initially, local authority involvement was limited to the provision of railway track and by 1883 the local authorities owned one-third of the track mileage. The 1890s saw a rapid growth of electric tramways in which the municipalities were heavily involved. This chapter explains this shift to public ownership at the local level and proposes two fundamental causes. First, market failure arising from economies of scale and externalities provided the initial impetus for public intervention. Second, the form of intervention was affected by the unsatisfactory experience with arm's length regulation and by the sectional interests of ratepayers who used the opportunity of intervention to further their own needs. Before any of these issues can be addressed, it is necessary to sketch out some of the background of the new utilities.Less
Initially, local authority involvement was limited to the provision of railway track and by 1883 the local authorities owned one-third of the track mileage. The 1890s saw a rapid growth of electric tramways in which the municipalities were heavily involved. This chapter explains this shift to public ownership at the local level and proposes two fundamental causes. First, market failure arising from economies of scale and externalities provided the initial impetus for public intervention. Second, the form of intervention was affected by the unsatisfactory experience with arm's length regulation and by the sectional interests of ratepayers who used the opportunity of intervention to further their own needs. Before any of these issues can be addressed, it is necessary to sketch out some of the background of the new utilities.
James Foreman-Peck and Robert Millward
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203599
- eISBN:
- 9780191675881
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203599.003.0006
- Subject:
- History, British and Irish Modern History, Economic History
The question of ownership has to be distinguished from the question of market structure. Both can affect efficiency. This chapter presents new findings for this period in Britain. In the first main ...
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The question of ownership has to be distinguished from the question of market structure. Both can affect efficiency. This chapter presents new findings for this period in Britain. In the first main section, some general theoretical considerations about performance are considered along with some of the findings in the current, mainly American literature. Then the chapter focuses on electricity and gas in Britain and starts with a summary of the main economic trends and main features of economic organisation in the period 1890–1940. Contemporary attempts at comparing municipal enterprises and private companies in this period are reviewed. The chapter then sets out the arguments for assessing performance in terms of cost functions, examines the general factors which determine costs, and describes the data to be used for electricity and gas undertakings.Less
The question of ownership has to be distinguished from the question of market structure. Both can affect efficiency. This chapter presents new findings for this period in Britain. In the first main section, some general theoretical considerations about performance are considered along with some of the findings in the current, mainly American literature. Then the chapter focuses on electricity and gas in Britain and starts with a summary of the main economic trends and main features of economic organisation in the period 1890–1940. Contemporary attempts at comparing municipal enterprises and private companies in this period are reviewed. The chapter then sets out the arguments for assessing performance in terms of cost functions, examines the general factors which determine costs, and describes the data to be used for electricity and gas undertakings.
James Foreman-Peck and Robert Millward
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203599
- eISBN:
- 9780191675881
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203599.003.0007
- Subject:
- History, British and Irish Modern History, Economic History
During the inter-war years Britain resisted the Continental trend towards state ownership. Instead it founded public-interest monopoly corporations or left industry in the hands of private owners and ...
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During the inter-war years Britain resisted the Continental trend towards state ownership. Instead it founded public-interest monopoly corporations or left industry in the hands of private owners and managers. The nationalisation of railways and coal in the aftermath of World War I was considered and rejected as irrelevant. The 1919 Electricity Act was a first attempt to rationalise electricity generation but the Electricity Commissioners were given inadequate powers. The standards also cast light on continuing concerns such as the efficiency advantages of monopoly or competition in ‘natural monopoly’ industries and the costs and benefits of private versus state ownership of industry. They point to the role of incentives, technology, and inherited institutions as more fundamental determinants of economic performance than ownership and competition.Less
During the inter-war years Britain resisted the Continental trend towards state ownership. Instead it founded public-interest monopoly corporations or left industry in the hands of private owners and managers. The nationalisation of railways and coal in the aftermath of World War I was considered and rejected as irrelevant. The 1919 Electricity Act was a first attempt to rationalise electricity generation but the Electricity Commissioners were given inadequate powers. The standards also cast light on continuing concerns such as the efficiency advantages of monopoly or competition in ‘natural monopoly’ industries and the costs and benefits of private versus state ownership of industry. They point to the role of incentives, technology, and inherited institutions as more fundamental determinants of economic performance than ownership and competition.
James Foreman-Peck and Robert Millward
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198203599
- eISBN:
- 9780191675881
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198203599.003.0008
- Subject:
- History, British and Irish Modern History, Economic History
The industries which were nationalised in the 1940s have been described as ‘basic’, a loose but commonly used phrase meaning no more than that they were part of the fuel and transport infrastructure ...
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The industries which were nationalised in the 1940s have been described as ‘basic’, a loose but commonly used phrase meaning no more than that they were part of the fuel and transport infrastructure or were producers of major capital goods like iron and steel. Nationalisation means that all the assets associated with specific products or services are brought under public ownership. Many of the existing companies had substantial ancillary activities which were difficult to unscramble from the main line of business; hence whole undertakings were often acquired. The railways were nationalised and the new Railway Executive had a monopoly on all rail services. Nationalisation was thus associated with the sale of certain products and services under monopoly conditions which were enshrined in the nationalisation statutes.Less
The industries which were nationalised in the 1940s have been described as ‘basic’, a loose but commonly used phrase meaning no more than that they were part of the fuel and transport infrastructure or were producers of major capital goods like iron and steel. Nationalisation means that all the assets associated with specific products or services are brought under public ownership. Many of the existing companies had substantial ancillary activities which were difficult to unscramble from the main line of business; hence whole undertakings were often acquired. The railways were nationalised and the new Railway Executive had a monopoly on all rail services. Nationalisation was thus associated with the sale of certain products and services under monopoly conditions which were enshrined in the nationalisation statutes.
