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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ...of funds for construction and improvement of the railroads. 3. THE RAISING OF FUNDS FOR RAILROAD CONSTRUCTION AND BETTERMENTS The question as to whether the construction and improvement of railroads should be financed through loans or through other credit devices, or paid out of earnings, is answered differently in the various countries that have state systems. The most prominent economists agree that construction and improvement costs should be defrayed out of an increase of capital rather than out of earnings, for the net earnings are usually too small for this purpose. In railroads which are solidly built from the start, and which are constructed in a populous country, the real balance-sheet represents operations rather than property or capital.1 For in such cases the control exercised is so strict that the property can always be maintained intact in its original condition. This conception of increase of property investment, as it is called in the Interstate Commerce Commission reports, is not so easy to grasp as it seems. For instance, it is no simple matter to decide whether " excavations" constitute an increase of property investment. It is for this reason that the Germans speak of "productive capital" rather than of increase of property investment.2 On the other hand, not everything that is raised by loans can be regarded as productive capital. New cars, which may be considered "productive capital," may be paid for out of earnings; while, on the other hand, a new stretch of track, financed by stock or bonds, cannot always be considered productive. In this category, for instance, belong the unprofitable extensions or so-called "feeders" the operating revenues of which do not generally cover...
Excerpt from Nationalization of Railways in Japan This work was commenced in a German university as a doctoral dissertation. When it was almost completed the present world-war broke out, making the fulfilment of my hopes for the time being impossible. It is, however, an unexpected pleasure to me that the present war has brought this dissertation from Germany, where most of the railway systems are already nationalized and the practical need of any further discussion is therefore very slight, to the United States, where the question of governmental acqui sitiou of the means of communication is now frequently discussed and where as a consequence this essay may be of use in affording some data to the public. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
This is a rare look into the politics and economics of the largest and arguably most dramatic privatization undertaken in Japan. Yoshiuki Kasai, President of JR Central, guides readers through first-hand accounts of the history of JNR’s break-up, the political and internal obstacles faced in the reform process, and the major lessons drawn through his experiences. At the end of the book Kasai is joined by Diethelm Sack and Sir Steve Robson in a discussion of major issues encountered in railway reforms in Japan, Germany and the UK.
Steven Ericson has written what promises to be the most thorough study of the Japanese railroad industry in the English language. In addition to the body of research on the industry itself, Ericson has provided an astute analysis of the politics of development and the relationship between state and private enterprise in the Japanese railroad industry during the Meiji period. He explores the economic role of government and the nature of state-business relations in the course of Japan's modern transformation, and at the same time challenges the tendency of current scholarship to minimize the role of the Japanese government as well as commercial banks in Meiji industrialization. By providing a fresh perspective on the "strong state/weak state" debate through detailed analysis of the 1906-1907 railway nationalization, Ericson's study sheds new light on the Meiji origins of modern Japanese industrial policy and politics, filling a major gap in the available literature on the Meiji political economy.