The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

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322 LAISSEZ FAIRE A.D. 1776 soon became clear, however, that this plan was impracticable, "and that it was necessary that there should be on every ine “one system of management under one superintending authority, which should have the power of making and of enforcing all regulations necessary for the protection of pas- sengers, and for duly conducting and maintaining this new mode of communication. On this account it is necessary that the company should possess a complete control over their line of roads, although they should thereby organise an Serene entire monopoly of the means of communication.” So soon f Govern- a3 the actual condition of affairs was recognised it was felt half of that these private companies should be “so controlled, as to he public secure the public, as far as possible, from any abuse which might arise under this irresponsible authority.” It was necessary on one hand to provide that every reasonable precaution should be taken to insist on the safety of the sravelling public, and on the other to see that the companies 1id not charge excessive fares. An important step in this latter direction was taken by the Act of 1844, which rendered the running of trains at the fare of one penny a mile »bligatory?, while the establishment of a Railway Commis- sion?, in 1873, has afforded the means of exercising a constant supervision over rates in the public interest. This was a remarkable development of State interference; it could no longer be treated as exceptional action in order to protect shose who were too helpless to protect themselves; there was bere a definite revolt from laissez faire, and an assertion of she necessity of controlling the manner in which business was carried on, so that there should be due regard to public welfare. The ey 275. The increase of commercial intercourse, which of the oredit occurred during the earlier part of the nineteenth century, a involved a great development of the credit system of the narements country. Several changes in the organisation and manage- ment of banks were brought about, for experience was growing, and the necessity of altering financial practice had been forced . Report, 1839, x. 138 ; second report. p. vii. » 7 and 8 Viet. c. 85. i 86 and 37 Vict. c. 48.

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