October 14 marks an important day for proponents of free markets, competition, innovation and limited market intervention by the federal government: The Staggers Rail Act – signed into law by President Jimmy Carter – turns 40 years old.
The Staggers Act partially deregulated privately owned freight railroads in terms of setting prices for services and setting rail rates, making decisions regarding what routes to use, and establishing shipper contracts, which allows freight railroads to make decisions based on market conditions.
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