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Categories: Spring 2000

Gerson

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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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Gerson

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"Gerson." The Journal of Private Enterprise.