The political connections of businesses bear implications for the economy. This dissertation studies the political connection of railways in the United Kingdom during the 19th century using several novel data sets. The first chapter of the dissertation begins by quantitatively investigating the implications of the political connections of railways for capital investment. Politically connected railways did significantly more capital investment than their non-connected counterparts. In addition, within-firm increases in political connections were associated with increased subsequent capital investment. The latter part of chapter one introduces the private bill process in the legislature as a likely channel relating political connections and capital investment. Politically connected firms proposed and passed considerably more legislation enabling capital investment than non-politically connected firms. Chapter two of the dissertation focuses on consumer and employee safety, relating safety to political connections and showing that politically connected railways were considerably deadlier than non-politically connected railways. A century of fatal railway accidents data is presented along with supplementary data sources to demonstrate this point. Chapter three of the dissertation looks at political connections as the outcome rather than as the explanatory variable. Political connections are related to voting rights in U.K. constituencies across five general elections spanning major franchise reforms. Within-constituency results show that for a given constituency increases in the franchise are associated with decreased likelihood that railway directors will run or win seats in the House of Commons.
| Identifer | oai:union.ndltd.org:bu.edu/oai:open.bu.edu:2144/46933 |
| Date | 18 September 2023 |
| Creators | McDevitt, Max James |
| Contributors | Margo, Robert A. |
| Source Sets | Boston University |
| Language | en_US |
| Detected Language | English |
| Type | Thesis/Dissertation |
| Rights | Attribution-NonCommercial-NoDerivatives 4.0 International, http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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