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How has the United States government grown? What political and economic factors have given rise to its regulation of the economy? These eight case studies explore the late-nineteenth- and early twentieth-century origins of government intervention in the United States economy, focusing on the political influence of special interest groups in the development of economic regulation.The Regulated Economy examines how constituent groups emerged and demanded government action to solve perceived economic problems, such as exorbitant railroad and utility rates, bank failure, falling agricultural prices, the immigration of low-skilled workers, workplace injury, and the financing of government. The contributors look at how preexisting policies, institutions, and market structures shaped regulatory activity; the origins of regulatory movements at the state and local levels; the effects of consensus-building on the timing and content of legislation; and how well government policies reflect constituency interests.A wide-ranging historical view of the way interest group demands and political bargaining have influenced the growth of economic regulation in the United States, this book is important reading for economists, political scientists, and public policy experts.
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This Page Intentionally Left Blank The Regulated Economy A National Bureau of Economic Research - ~~ _-_L Project Report The Regulated Economy A Historical Approach to Political Economy Edited by Claudia Goldin and Gary D. Libecap The University of Chicago Press Chicago and London CLAUDIA GOLDINis professor of economics at Harvard University and director of the Development of the American Economy Program at the is professor of National Bureau of Economic Research. GARYD. LIBECAP economics at the University of Arizona. Both are research associates of the National Bureau of Economic Research. Thc University of Chicago Presa, Chicago 60637 The University of Chicago Press, Ltd., London 0 1994 by The National Bureau of Economic Rcscarch All rights reserved. Published 1994 Printed in the United States of America 03020100999897969594 I2345 ISBN: 0-226-30 110-9 (cloth) Library of Congress Cataloging-in-Publication Data The regulated economy : a historical approach to political economy / edited by Claudia Goldin and Gary D. Libecap. cm. (National Bureau of Economic Research project p. rcp or t ) Includes bibliographical references and index. I . Industrial laws and legislation-United States-History. 2. Trade regulation-United States-History. 3. Industry and state-United 4. Industry and state-United States-Case States-History. studies. I. Goldin, Claudia Dale. 11. Libecap, Gary D. 111. Series. KF1600.R428 1994 338.973-dc20 94-493 1 CIP ~ @ The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Pcrmanence of Paper for Printed Library Materials, ANSI 239.48- 1984. National Bureau of Economic Research Directors at Large Elizabeth E. Bailey John H. B i g p Andrew Brirnmer Carl F. Christ Don R. Conlan Kathleen B. Cooper Jean A. Crockett George C. Eads M:irrin Feld\tein George Hat\opoulos Lawrence R. Klein Lco Melatncd Mcrton H. Miller Michael H. M o A o u Robert T. Parry Peter G. Petct-son Richard N. R o w t Bert Seidman Donald S . Wasserman Mai-ina v. N. Whitman Directors by University Appointment Jagdish Bhagwati, Coluriihitr William C . Brainard, Ytrlf, Glen G. Cain, Wi.wmsirr Franklin Fisher, Mas,sac/rrrsc~f/.~ /n.ctitrrtc~ Uf 2cllfrolog~ Saul H. Hyrnans. Miclzigaii Marjorie B. McElroy, Duke Joel Mokyr. Northwvstern James L. Pierce, Culifornia, Brrkd(>! Andrcw Postlewaite, Penris~l~~trnitr Nathan Rosenberg, Stunfiw