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02-Jun-2017 05:14

Better transportation meant, above all, better highways.

State and local governments, however, had small bureaucracies and limited budgets which prevented a substantial public sector response.

Beginning in 1663 and peaking from 1750 to 1772, Britain experienced a private turnpike movement large enough to acquire the nickname “turnpike mania” (Pawson 1977, 151).

Although the British movement inspired the future American turnpike movement, the institutional differences between the two were substantial.

Although turnpikes rarely paid dividends or other forms of direct profit, they nevertheless attracted enough capital to expand both the coverage and quality of the U. Private road building came and went in waves throughout the nineteenth century and across the country, with between 2,500 and 3,200 companies successfully financing, building, and operating their toll road.

British turnpikes were incorporated as trusts – non-profit organizations financed by bonds – while American turnpikes were stock-financed corporations seemingly organized to pay dividends, though acting within narrow limits determined by the charter.Somewhere between 50 to 70 percent of these succeeded in building and operating toll roads.A variety of regulatory and economic conditions – outlined below – account for why a relatively low percentage of chartered turnpikes became going concerns.As with public works of any kind, incentives were weak because the chain of activity could – that is, private owners who claim the “residuals,” profit or loss.

The laborers were brought together in a transitory, disconnected manner.Because work areas were divided into districts, as well as into towns, problems arose coordinating the various jurisdictions.