The Washington Times discusses the effects of regulations on the railroad industry with Marc Scribner.
According to regulatory scholar Marc Scribner of the Competitive Enterprise Institute, narrow lobbying interests created the first-ever first national industrial regulatory body in the U.S. in 1887 to oversee the railroads and impose cost controls. Certain commodities got lower rates, while others subsidized their costs.
“Railroads sought economic liberalization after almost a century of struggling under an ever more restrictive regulatory regime that left them facing ruin,” Mr. Scribner recently wrote. “They succeeded in impressive manner — a once-moribund industry recovered rapidly and is now again a vibrant part of the American economy.”
Against the backdrop of election season and an ambitious president, Scribners present an interesting question: “Shouldn’t more American businesses explore similar investments in liberalization?” And better yet, shouldn’t Washington think twice before butting in?
Read the full article at the Washington Times.