Chapter 16 of 59 · Where and Why Public Ownership has Failed by Yves Guyot
Conclusions
- 1. The purchase of the Western Railway was a political measure, designed to conciliate the Socialists.
- 2. Presented in the light of an operation that would cost the state nothing, an “opération blanche,” it has wrought serious harm to the state. The sole beneficiaries have been the stockholders of the Western company.
- 3. The employees of the state railway instituted a strike, and their exactions have resulted in increased expenses, which have not been offset by improvements in the service.
- 4. The issue of state railway bonds at 4 per cent. has caused a fall in 3 per cent. rentes.
- 5. The operating costs are even higher on the old state system than on the newly acquired Western line.
Where and Why Public Ownership has Failed
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