Crafts, N. F. R., Leunig, Timothy and Mulatu, Abay. (2008) Were British railway companies well managed in the early twentieth century? The Economic History Review, Vol.61 (No.4). pp. 842-866. ISSN 0013-0117

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Abstract

This paper examines major privately owned British railway companies before the First World War. Quantitative evidence is presented on return on capital employed (ROCE), total factor productivity (TFP) growth, cost inefficiency, and speed of passenger services. There were discrepancies in performance across companies but ROCE and TFP typically fell during our period. Cost inefficiency rose before 1900 but then was brought under control as a profits collapse loomed. Without the discipline of either strong competition or effective regulation, managerial failure was common. This sector is an important qualification to the conventional wisdom that late Victorian Britain did not fail.

Item Type:	Journal Article
Subjects:	D History General and Old World > DA Great Britain H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Economics
Journal or Publication Title:	The Economic History Review
Publisher:	Wiley-Blackwell Publishing Ltd.
ISSN:	0013-0117
Official Date:	2008
Volume:	Vol.61
Number:	No.4
Number of Pages:	25
Page Range:	pp. 842-866
Identification Number:	10.1111/j.1468-0289.2008.00424.x
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Funder:	Economic and Social Research Council, Public Service Programme,
Grant number:	R000239536, RES-166-25-0032
URI:	http://wrap.warwick.ac.uk/id/eprint/44630

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