A critique of rail regulation

Beesley Lecture, Institute of Economic Affairs, London, October 17th 2000. Very few privatisations have been free of teething problems, and all new regulatory bodies have faced criticisms, made mistakes, and had to improvise and adapt with experience. Perfect models and perfect processes are matters of academic debate; practical experience is bound to be less satisfactory. Rail privatisation and regulation, however, stands out from the pack: it has been much more controversial, and its critics have been much more vocal.

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