Use, Esteem, and Profit in Voluntary Provision: Toll Roads in California, 1850-1902

Daniel Klein and Chi Yin

Economic Inquiry, 1996, vol. 34, issue 4, 678-92

Abstract: Early Californians took stock in toll roads for a variety of reasons: use of the road, esteem of fellows, and profits from stock. Whatever the motivation, in operation all toll road companies felt the profit motive. This paper presents a historical survey of voluntary organizations taking the stock-corporation form. These cases demonstrate how various motivations and incentives intermingled and supported one another in the days before the corporation was legally bifurcated into either 'for-profit' or 'not-for-profit' enterprise. Copyright 1996 by Oxford University Press.

Date: 1996
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