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Introduction_ The Interstate Commerce Act of 1887

Introduction_ The Interstate Commerce Act of 1887
Introduction_ The Interstate Commerce Act of 1887

Rev Ind Organ(2013)43:3–6

DOI10.1007/s11151-013-9395-7

Introduction:The Interstate Commerce Act of1887

Wesley W.Wilson

Published online:17July2013

?Springer Science+Business Media New York2013

The Interstate Commerce Act of1887(ICA)was signed into law on February4,1887, by President Cleveland.This Act,originally labeled“An Act to Regulate Commerce,”provided for regulation of interstate rail commerce in the United States.While the Act was originally passed to regulate railroads;it eventually was modi?ed and shaped the regulation of a wide variety of industries and markets that included motor carrier, electricity,telecommunications,and barge markets.Academically,the ICA also stim-ulated academic research for over100years on the rationale for regulation,optimal regulatory design,the estimation of costs and ef?ciency,demand,market power,the effects of mergers,and a wide variety of other issues.

The Act was passed after a period of tremendous growth in the rail network.The?rst steam locomotive was invented in England in1797,and in1827the?rst US railroad (the Baltimore and Ohio)was formed and began operations in1830.From those early days,the industry grew to about30,000miles of rail in1860,and in1869the Union Paci?c and Central Paci?c railroads connected to complete a transcontinental route. The industry continued to grow,reaching about150,000miles by1880,and reached its maximum of264,000miles in1916.

Along with the development of the industry came a number of issues.First,it became recognized that although the network was expanding,it was geographically dispersed.Hence,there were scores of shippers that had only one railroad that charged high prices that were protected by signi?cant entry barriers.Second,railroads have low marginal costs and high?xed costs,and while in some markets they enjoyed a monopoly position,in other markets they were confronted with competition.In some cases,this competition put extreme downward pressure on prices.Railroads formed W.W.Wilson(B)

Department of Economics,University of Oregon,Prince Lucien Campbell Hall Room435,Eugene,

OR97454-1285,USA

e-mail:wwilson@https://www.doczj.com/doc/dd7647504.html,

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4W.W.Wilson associations(cartels)to curb the downward spiral of prices on these latter routes.The result led to substantial differences in prices owing to different levels of competition and organization of?rms where multiple?rms competed.The result gave a variety of seemingly“unfair”rates,where the rate that was associated with a“short-haul”distance was higher than the rate of a“long-haul”distance for the transportation of the same commodity.

In response to the issues of high prices in some markets,dramatically?uctuating prices in other markets,preferential treatment of some shippers,price discrimination, etc.,shippers and policy-makers sought solutions.The Granger movement and laws of the1860and1870s are often cited as early attempts by Midwestern grain shippers to regulate the industry and gain relief from high https://www.doczj.com/doc/dd7647504.html,ws such as these failed,and court cases in the1880s dramatically limited non-federal options to curb monopoly pricing,cartelization,and rate discrimination.These led to a call for federal regulation, and in1887the Act was passed.

The collection of papers in this issue brings together a variety authors who cover topics that include:(1)A history of thought paper by John Brown;(2)The impetus for regulation by Kevin Henrickson and myself;(3)The effects of regulation on trans-portation costs by Bruce Blonigen and Anca Cristea and the effects of regulation on labor and the labor movement by James Peoples;and(4)Price discrimination papers by Kenneth Boyer,Timothy Brennan,and James MacDonald.While three papers on price discrimination may seem excessive,much of the ICA was about price discrim-ination,and these three authors have written papers that emphasize different themes and make markedly different contributions.

Policy is often shaped by individuals,and much of the nineteenth century had major scholars whose work in?uenced not only the ICA but also foreshadowed later developments in the?eld of economics.John Brown discusses a number of prominent scholars whose work in?uenced the ICA.He begins with a discussion of Adam Smith and laissez-faire doctrines and the challenges that were placed on these doctrines by the rapid development of rail.He then describes the work of Dionysius Lardner,whose work was very much of the ilk of early industrial organization and marginal analysis. Charles Adams and Arthur Hadley reinforced Lardner’s work,and Arthur Hadley pointed to the need for policies to deal with monopoly markets.Thomas Cooley,the fourth writer,was a legal scholar and the?rst chairperson of the interstate commerce commission(ICC).These works point to the failure of the market to guard against inef?cient networks and ruinous competition.These authors also point to de?nitions of price discrimination that are still used,to the need and justi?cation of associations to prevent excessive competition,and to the drive for regulation in the public’s interest.

Henrickson and Wilson discuss the impetus and rationale for regulation and the passage of the ICA.Regulation of industry requires legislation that can re?ect public and/or private interests.Building on earlier work—e.g.,Gilligan et al.(1989)–they model Senate and Congressional voting in terms of variables that re?ect both rationales for regulation,but introduce novel measures of industry concentration,competition, and network characteristics.They then apply the same framework to analyze the voting patterns of the Regional Rail Reorganization Act of1973(the3-R Act),the Railroad Revitalization and Regulatory Reform Act(the4-R Act),and the Staggers Rail Act of 1980.These latter bills re?ect the primary legislation that dealt with?nancial failure 123

Introduction:The Interstate Commerce Act of18875 of the industry in the1970s and introduced a new approach to regulating the industry. Interestingly,they?nd that many of the same factors that affected voting for the ICA remained nearly100years later.

Blonigen and Cristea examine the effects of the ICA.In their paper,they note that the ICA was passed,in part,to address rate discrimination and also to curtail the extreme volatility of rail prices as the industry and associations rotated between periods of cooperation and non-cooperation.Blonigen and Cristea examine differences in wheat prices between US cities and between European studies that are available from the early1800s through the early1900s.They use these prices,between locations in the US and between locations in Europe,to develop a measure of transport costs for wheat shippers US markets and for European markets(the control group).This allows them to analyze the effects of the ICA on rates and the volatility in rates using a difference-in-difference speci?cation to estimate the effects of the ICA.They?nd that while the ICA did not have a statistically important effect on rates,it did have a very signi?cant effect in reducing the volatility of transport costs,which provides strong evidence that the ICA stabilized rail cartel prices.

James Peoples points to the ICA Act and its in?uence on the labor movement and markets.He notes that the ICA led to regulation of a number of different industries, and the development of labor organization and rent-sharing.He discusses how much of the development of the labor movement is grounded in industries that were subject to ICC regulation and provides a concise review of the development of labor,labor unions,and the impact of legislation on labor.He concludes his paper with an analysis of the effects of deregulation on labor in trucking,bus,and rail markets from1983to 2011,?nding that wage rates fell after deregulation and are now about the same as those in other industry sectors or are substantially lower than those received prior to regulatory reform.Given these in?uences,one cannot help conclude that the nearly 100-year legacy of the1887ICA has eroded.

The?nal three papers by MacDonald,Brennan,and Boyer each deal with price discrimination but each covers distinct topics.Prior to the passage of the ICA,as in Blonigen and Cristea,there was considerable rate volatility.However,three was also considerable variability in rates from different origins.A major provision of the Act was in response to the observation that,in some cases,short-haul markets sometimes were observed to have rates per unit volume that exceed rates of longer-haul markets that had higher costs.

MacDonald describes price discrimination prior to passage of the ICA,post WWII, and post partial deregulation of the railroads.He points out that price discrimination was present in all periods,but policies were different.In particular,he notes that a primary focus of the ICA was on price discrimination,but shortfalls of the ICA limited its effectiveness until later legislation was passed.From1945to1975research focused on the basic idea that railroads were heavily regulated and unpro?table,which was accompanied by the development of new modes,the loss of traf?c to the new modes (and the introduction of other commodities that displaced mainstay rail traf?c and went to other modes),a continued emphasis on value-of-service pricing and pricing to meet competition,etc.During this regime one might conclude that price discrimination was necessary in regulation to ensure the?nancial viability of the railroads.In the 1980-present period,many regulations were lifted,rate bureaus were phased out,and

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6W.W.Wilson collective actions of railroads were limited.Contracts between shippers and carriers became commonplace.This changed the rate structure from rate equalization to shipper (individual)price discrimination.

Brennan compares and contrasts the two major“commerce”bills of the time period: the ICA and the Sherman Antitrust Act.In his study,he carefully describes the ICA and the Sherman Act and builds the case that while they both addressed market power, they had different objectives.The Sherman Act focuses on antitrust to promote welfare and ef?ciency,while,he argues,the ICA was almost entirely based on muting price discrimination and about shippers obtaining equal access to?nal consumers.Indeed, he concludes that“…the ICA and Sherman Act had precious little substantively in common;regulation and antitrust are hardly two sides of the same‘mitigate market power’coin.”

Boyer describes some of the pricing issues that have confronting policy-makers and then uses a relatively simple and stylized model of a rail network to examine rail pricing and price discrimination.He shows how the pattern of prices resulted in an inef?cient equilibrium as ef?cient prices were not always the pro?t-maximizing prices in his network.He?nds that pricing behavior led to incentives to build excess trackage and the failure of the ICC to de?ne appropriate rate structures.He also points to ICC behavior as maximizing access,which led to inef?cient levels of transportation and location for production and consumption.

This collection of papers offers a development and review of economic thinking that affected not only the form of regulation but also foreshadowed much of economic writing that came later.The writings provide,in collection,much of the history of railroads in the1800s but also the problems that attached to the industry and its growth that required the legal framework to evolve.They also point to the collection of public and private interests in shaping regulation.These include not only the political interests of that time but also the shaping of the labor movement.There is also much in these writings that points to the problems of the industry in the1900s and the legislative attempts to deal with the problems.Finally,there are three related but distinct papers on price discrimination.These include discussions not only of the growth of the railroads in the1800s,but also the decline of the railroads in the1900s and how policy changed over the different periods.

Taken together,this collection of papers offers historical accounts of the industry and economic thought that shaped the ICA and that were foundational in much of the development of industrial organization,labor,and theories of regulation. Reference

Gilligan,T.W.,Marshall,W.J.,&Weingast,B.R.(1989).Regulation and the theory of legislative choice: The interstate commerce act of1887.The Journal of Law and Economics,32,35–61.

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