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Using the transaction-cost literature pioneered by Oliver Williamson, John Baldwin examines contractual failure in Canada in natural monopoly cases, asking why initial forms of contracts between the state and private enterprise failed, and why this failure so often resulted in the use of public enterprise rather than regulatory tribunals.
Conflict of laws --- Government business enterprises --- Government corporations --- Trade regulation. --- Law and legislation --- Natural monopolies. --- private property rights. --- regulatory agency. --- transaction failure. --- utilities.
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We use new data on manufacturing in Canada to quantify the impact of globalization on the growth and composition of industrialization in the second half of the nineteenth century. We find that industries and regions more exposed to international trade experienced faster growth. Consistent with the literature on economic development in Canada, we find that scale economies, government policy decisions, and domestic market expansion also played an important role in manufacturing growth. However, after controlling for these factors, we find that greater exposure to globalization shaped the pattern of regional industrialization in a way not appreciated in Canadian historiography.
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