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The book considers when governments should give guarantees to private investors. After describing the history of guarantees, and the challenges the politics and psychology create for good decisions, the book sets out a principles for allocating risk (and therefore guarantees), techniques for valuing guarantees, and rules to encourage good decisions.
During the first two decades of this century, Sir William Mackenzie was one of Canada’s best known entrepreneurs. He spearheaded some of the largest and most technologically advanced projects undertaken in Canada during his lifetime – building enterprises that became the foundations for such major institutions as Canadian National Railways, Brascan, and the Toronto Transit Commission. He built a business empire that stretched from Montreal to British Columbia and to Rio de Janeiro and Sao Paulo in Brazil. It included gas, electric, telephone and transit utilities, railroads, hotels, and steamships as well as substantial coal mining, whaling, and timber interests. For a time Mackenzie also owned Canada's largest newspaper, La Presse. He accumulated an enormous personal fortune, but when he died in 1923, his estate was virtually bankrupt as a result of the dramatic collapse of his Canadian Northern Railway during the First World War. In an era when the entrepreneur has come to be seen as a media hero and when struggles about the role of state enterprise in the transportation and energy sectors consume public policy debate, it is ironic that Mackenzie is largely forgotten by all but a few historians and railway aficionados. He left no papers to guide biographers. After a decade of gathering and piecing together fragments from an immense array of sources, Rae Fleming has written the first biography of the man that the German press extolled as the “Railway King of Canada.” Mackenzie was wily, crafty, manipulative, and intimidating. Starting as a general contractor in Eldon Township in rural Ontario, he built a small fortune contracting for the CPR in the Selkirks in the 1880s and then moved on to bigger things. Along the way, he funded the first full-length documentary movie, was toasted by the House of Lords, received a knighthood from George V, and developed close friendships with the major politicians of his day, including Borden and Meighen. In a business biography intended as much for general readers as for a scholarly audience, Fleming offers a revisionist perspective on Mackenzie. He dispels the simplistic approach of those historians and journalists who have depicted Mackenzie and his partner Sir Donald Mann as melodramatic crooks who could have stepped out of the pages of Huckleberry Finn.
In A Thousand Blunders, Frank Leonard looks at why the 'Road of a Thousand Wonders' failed to live up to the expectations forecast by company president Charles M. Hays and other senior managers. Not only was the railway built through a sparsely settled region, which generated little immediate traffic, but its economic difficulties were also compounded by the numerous mistakes made by managers at all levels: for example, their failure to respond adequately to labour shortages caused serious delays and prevented the company from proving Prince Rupert as an effective alternative harbour before World War I broke out. For this book, Frank Leonard had access to a wealth of original documents, among them the GTP legal department files, providing him with insights into the decisions that formed the basis for policies in townsites and on Indian reserves. A Thousand Blunders is a provocative account of one of the greatest failures in Canadian entrepreneurial history. Richly detailed and thoroughly documented, it makes an important contribution to the fields of railway and business history, as well as to the study of the history of northern British Columbia.
The government, as a principal, may seek to induce a private investor, as an agent, to build and operate an unconventional-oil production plant to promote early production experience with such plants. Facing significant uncertainty about the future, it also wants to limit the cost to the public of doing this. This report offers an analytic way to design and assess packages of policy instruments that the government can use to achieve its goal.
Focusing on the historic controversies surrounding freight rates, Close Ties explores the ways in which Canadians tried to regulate the nation's first big business, the railways. Ken Cruikshank challenges earlier interpretations, concluding that the history of railway regulation in Canada is not a story of powerful business corporations using governments to subvert the people's interests, nor a tale of righteous people overcoming robber barons. Instead, he presents a more complex and engaging account of how governments tried to accommodate the equally selfish demands of divergent and conflicting interests in a competitive economy.
Contemporary methodologies include the "cliometric" style of historical analysis, econometrics, labour and regional study, and the changing parameters of government spending and public finance. The juxtaposition of classic theoretical statements with works by "outsiders" such as G.S. Kealey, B.D. Palmer, R.T. Naylor, R.E Ommer, among others, makes this a solid yet innovative record of the progress in economics over the last forty years. Canadian Economic History remains an essential classroom text.
In A History of Canadian Economic Thought, Robin Neill relates the evolution of economic theory in Canada to the particular geographical and political features of the country. Whilst there were distinctively Canadian economic discourses in nineteenth-century Ontario and early twentieth-century Quebec, Neill argues that these have now been absorbed into the broader North American mainstream. He also examines the nature and importance of the staple theory controversy and its appositeness for the Canadian case. With full accounts of the work of major Canadian economists including John Rae, H.A. Innis and Harry Johnson, A History of Canadian Economic Thought is the first definitive treatment of the subject for 30 years.