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Power and Accountability on the Pennsylvania Railroad, 1846–1878

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  • Ward, James A.

Abstract

Despite attempts by the state legislature to fashion the charter of the Pennsylvania Railroad in such a way as to insure a high degree of managerial accountability to the board of directors and to make the corporation broadly accountable to the public, things turned out very differently. The volume and complexity of managerial decisions quickly brought a centralization of power in the hands of the road's professional managers as the board atrophied, and the economic and political power of the road and its dominant figures (J. Edgar Thomson and Thomas A. Scott) negated much of the principle of public accountability.

Suggested Citation

  • Ward, James A., 1975. "Power and Accountability on the Pennsylvania Railroad, 1846–1878," Business History Review, Cambridge University Press, vol. 49(1), pages 37-59, April.
    • Handle: RePEc:cup:buhirw:v:49:y:1975:i:01:p:37-59_03
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    Cited by:

    1. Luigi Cerri, 2018. "Birth of the Modern Corporation: From Servant of the State to Semi†Sovereign Power," American Journal of Economics and Sociology, Wiley Blackwell, vol. 77(2), pages 239-277, March.

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