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Transit Privatization
The privatization of transport refers to the process of shifting responsibility regarding the provision of public transport or service from the public to the private sector. Introduction Transit privatization is highly controversial, with proponents claiming great potential benefits and detractors pointing to cases where privatization has been highly problematic. One important argument in this respect is the consideration of public transport as a merit good. The rationale behind it is the idea that governments should guarantee basic service in public transport to deprived customer groups despite the fact that it is economically irrational. While the subsidization of public transport is basically not contested, the important question in the public vs. private debate refers to the optimal level of subsidy. Today there are no real answers to this issue, but Japanese policy to have a relatively free transportation market is considered to function well in providing transport to Japa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Transport
Public transport (also known as public transportation, public transit, mass transit, or simply transit) is a system of transport for passengers by group travel systems available for use by the general public unlike private transport, typically managed on a schedule, operated on established routes, and that charge a posted fee for each trip. There is no rigid definition; the ''Encyclopædia Britannica'' specifies that public transportation is within urban areas, and air travel is often not thought of when discussing public transport—dictionaries use wording like "buses, trains, etc." Examples of public transport include Public transport bus service, city buses, trolleybuses, trams (or light rail) and Passenger rail transport, passenger trains, rapid transit (metro/subway/underground, etc.) and ferry, ferries. Public transport between cities is dominated by airlines, intercity bus service, coaches, and intercity rail. High-speed rail networks are being developed in many parts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privatization
Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatised (which may also be known as "franchising" or "out-sourcing"); in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, water supply, and prison management. Another definition is that privatization is the sale of a state-owned enterprise or municipally owned corporation to private investors; in this case shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nationaliz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merit Good
The economics concept of a merit good, originated by Richard Musgrave (economist), Richard Musgrave (1957, 1959), is a Good (economics and accounting), commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. The term is, perhaps, less often used presently than it was during the 1960s to 1980s but the concept still motivates many economic actions by governments. Examples include in-kind transfers such as the provision of Supplemental Nutrition Assistance Program, food stamps to assist nutrition, the delivery of health services to improve quality of life and reduce morbidity, and subsidized housing and education. Definition A merit good can be defined as a good which would be under-consumed (and under-produced) by a free market economy, due to two main reasons: # When consumed, a merit good creates positive externalities (an externality being a third party/spill-over effect of the consum ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidization
A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the term subsidy can relate to any type of support – for example from NGOs or as implicit subsidies. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect (tax breaks, insurance, low-interest loans, accelerated depreciation, rent rebates). Furthermore, they can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. Consumer/consumption subsidies commonly reduce the price of goods and services to the consumer. For example, in the US at one time it was cheaper to buy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tokaido Shinkansen
The is a Japanese high-speed rail line that is part of the nationwide Shinkansen network. Along with the Sanyo Shinkansen, it forms a continuous high-speed railway through the Taiheiyō Belt, also known as the Tokaido corridor. Opened in 1964, running between Tokyo and Shin-Ōsaka, it is Japan's first high-speed rail line. Along with being the world's oldest high-speed rail line, it is also one of the most heavily used. Since 1987 it has been operated by the Central Japan Railway Company (JR Central), prior to that by Japanese National Railways (JNR). It is also called the Kyoto Express due to other previous services for this high-speed train and operating from Tokyo to Kyoto. There are three types of services on the line: from fastest to slowest, they are the limited-stop '' Nozomi'', the semi-fast ''Hikari'', and the all-stop '' Kodama''. Many ''Nozomi'' and ''Hikari'' trains continue onward to the San'yō Shinkansen, going as far as Fukuoka's Hakata Station. The line was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privatisation Of British Rail
The privatisation of British Rail was the process by which ownership and operation of the railways of Great Britain passed from government control into private hands. Begun in 1994, it had been completed by 1997. The deregulation of the industry was initiated by EU Directive 91/440 in 1991, which aimed to create a more efficient rail network by creating greater competition. British Railways (BR) had been in state ownership since 1948, under the control of the British Railways Board (BRB). Under the Conservative government of Margaret Thatcher elected in 1979, various state-owned businesses were sold off, including various functions related to the railways – Sealink ferries and British Transport Hotels by 1984, Travellers Fare catering by 1988 and British Rail Engineering Limited (train building) by 1989. It was under Thatcher's successor John Major that the railways themselves were privatised, using the Railways Act 1993. The operations of the BRB were broken up and sold o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nikkei, with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson sold the publication to Nikkei for £844 million (US$1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. The newspaper has a prominent focus on financial journalism and economic analysis over generalist reporting, drawing both criticism and acclaim. The daily sponsors an annual book award and publishes a " Person of the Year" feature. The paper was founded in January 1888 as the ''London Financial Guide'' before rebranding a month later as the ''Financial Times''. It was first circulated around metropolitan London by James Sherid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Low-cost Carriers
A low-cost carrier or low-cost airline (occasionally referred to as '' no-frills'', ''budget'' or '' discount carrier'' or ''airline'', and abbreviated as ''LCC'') is an airline that is operated with an especially high emphasis on minimizing operating costs and without some of the traditional services and amenities provided in the fare, resulting in lower fares and fewer comforts. To make up for revenue lost in decreased ticket prices, the airline may charge extra fees – such as for carry-on baggage. As of April 2020, the world's largest low-cost carrier is Southwest Airlines, which operates primarily in the United States, as well as in some surrounding areas. The term originated within the airline industry referring to airlines with a lower operating cost structure than their competitors. While the term is often applied to any carrier with low ticket prices and limited services, regardless of their operating models, low-cost carriers should not be confused with regional airli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Staggers Rail Act
The Staggers Rail Act of 1980 is a United States federal law that deregulated the American railroad industry to a significant extent, and it replaced the regulatory structure that had existed since the Interstate Commerce Act of 1887. Background In the aftermath of the Great Depression and World War II, many railroads were driven out of business by competition from the Interstate highways and airlines. The rise of the automobile led to the end of passenger train service on most railroads. Trucking businesses had become major competitors by the 1930s with the advent of improved paved roads. After the war, they expanded their operations as the highway network grew and acquired increased market share of the cargo business. Railroads continued to be regulated by the Interstate Commerce Commission (ICC) and a complex system for setting shipping rates. The Staggers Act followed the Railroad Revitalization and Regulatory Reform Act of 1976 (often called the "4R Act"), which reduced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bus Deregulation In Great Britain
Bus deregulation in Great Britain was the abolition of Road Service Licensing outside of Greater London for bus services. This began in 1980 with the abolition of Road Service Licensing for long-distance bus services and was extended into local bus services in 1986. The abolition of Road Service Licensing removed the public sector's role in fare-setting, routes and bus frequencies and returned these powers to bus operators under the Transport Act 1985. History The bus industry grew significantly after the First World War in Britain with many demobilised soldiers starting bus companies with new skills in motor engineering and driving acquired through their military service. These bus services began to erode the railways' profits as they abstracted passengers from railways, the impact of this on the railways led to the creation of the big four. The bus industry then began to consolidate and many were acquired by railway companies. Remaining independent operators however were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Airline Deregulation
Airline deregulation is the process of removing government-imposed entry and price restrictions on airlines affecting, in particular, the carriers permitted to serve specific routes. In the United States, the term usually applies to the Airline Deregulation Act of 1978. A new form of regulation has been developed to some extent to deal with problems such as the allocation of the limited number of slots available at airports. Introduction As jets were integrated into the market in the late 1950s and early 1960s, the industry experienced dramatic growth. By the mid-1960s, airlines were carrying roughly 100 million passengers and by the mid-1970s, over 200 million Americans had traveled by air. This steady increase in air travel began placing serious strains on the ability of federal regulators to cope with the increasingly complex nature of air travel.The onset of high inflation, low economic growth, falling productivity, rising labor costs and higher fuel costs proved problematic to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Of Regulation
Regulatory economics is the economics of regulation. It is the application of law by government or regulatory agencies for various purposes, including remedying market failure, protecting the environment and economic management. Regulation Regulation is generally defined as legislation imposed by a government on individuals and private sector firms in order to regulate and modify economic behaviors. Conflict can occur between public services and commercial procedures (e.g. maximizing profit), the interests of the people using these services (see market failure), and also the interests of those not directly involved in transactions (externalities). Most governments, therefore, have some form of control or regulation to manage these possible conflicts. The ideal goal of economic regulation is to ensure the delivery of a safe and appropriate service, while not discouraging the effective functioning and development of businesses. For example, in most countries, regulation control ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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