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Spring 2014

ISSN 0890-913X

Volume 29, Number 2

Categories: Spring 2014 | Private Enterprises

The Pivotal Role of Private Enterprise in America's Transportation Age 1790–1860

Robert E. Wright, Augustana College, South Dakota

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TheJournalofPrivateEnterprise29(2),2014,1–20ThePivotalRoleofPrivateEnterpriseinAmerica’sTransportationAge,1790–1860RobertE.Wright∗AugustanaCollege,SouthDakota__________________________________________________________AbstractFromratificationoftheConstitutionuntiltheU.S.CivilWar,privateenterpriseradicallyimprovedthenation’stransportationinfrastructure,specificallythroughtheincorporationandsubsequentphysicalcreationoftollbridgesandroads,canals,railroads,andtransportationcompanies.Privatetransportationinvestmentexceededthatofthestateandnationalgovernmentscombined,primarilybecauseprivateventures,especiallyfor-profit,jointstockcorporations,providedtransportationgoodsmoreefficientlythanearlygovernmentscould.Althoughtheantebellumtransportationsystemwasimperfect,itgreatlyreducedtraveltimesandfreightcostsandthushelpedtomakecommodityandfinancialmarketsmoreefficientandthenationmorepoliticallyunifiedthanitotherwisewouldhavebeen.______________________________________________________JELcodes:N71,L9,H11Keywords:Privateenterprise,Transportationinfrastructure,Businesscorporations,GovernmentownershipI.IntroductionAssumptionsandweaklydocumentedclaimstothecontrarynotwithstanding,America’slongTransportationAge(Goodrich1970;Larson2001)waslargelyledbyprivateenterprises,especiallyfor-profit,joint-stockcorporations.Entrepreneursandinvestorsinterestedinboththedirectprofitsandindirectbenefitsthatbridges,canals,harborfacilities,railroads,stages,steamboats,1andturnpikes∗Thisarticlewasmadepossibleby“U.S.CorporateDevelopment,1801–1860,”NSFGrantNo.0751577,andtheBerkleyCenterforEntrepreneurshipandInnovationatNewYorkUniversity.Mythankstothejournal’seditorandrefereesfortheircommentsandtomylong-timecollaboratorRichardSyllaforhissupport.Anyandallerrorshereinremainmysoleresponsibility.1PaulPaskoffarguesthatthe“nearabsenceofincorporatedsteamboatcompaniesishardlysurprising.”Itwassurprisingtometoreadthat,astherewerehundredsof1

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Title	The Pivotal Role of Private Enterprise in America's Transportation Age 1790–1860
Authors/Creators:	Robert E. Wright, Augustana College, South Dakota
Year:	2014
Volume:	29
Number:	2
Pages:	1 - 20
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Private Enterprise

Citation:
Wright, Robert E. / 2014. "The Pivotal Role of Private Enterprise in America's Transportation Age 1790–1860." The Journal of Private Enterprise, 29(2): 1-20.