Municipal Socialism or Local Capitalism



The previous chapter examined the recent context of local and regional authority shareholding. This chapter explores the entrepreneurial activities of the state at the local, regional and national levels since the midnineteenth century when the introduction of limited liability in companies reduced the risk to shareholders and enabled the massive investment of private capital in manufacturing industry, the growth of large-scale industry and the growth in the number of companies. In particular, the chapter is concerned with the developing role of the state in individual enterprises at the local, regional and national levels during this developing process of capital accumulation. This provides the historical context for examining the mechanisms of local and regional shareholding in further detail.


Local Authority Private Capital State Enterprise Passenger Transport Private Entrepreneur 
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© Richard Minns and Jennifer Thornley 1978

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