The Importance of Railways

The railways were and remain the necessary and natural accompaniment to the emergence of civil society. They are a collective project for individual benefit. They cannot exist without common accord (and, in recent times, common expenditure), and by design they offer a practical benefit to individual and collectivity alike. This is something the market cannot accomplish—except, on its own account of itself, by happy inadvertence. Railways were not always environmentally sensitive—though in overall pollution costs it is not clear that the steam engine did more harm than its internally combusted competitor—but they were and had to be socially responsive. That is one reason why they were not very profitable.