The Historical Characters of Prussian Railway Policy in "Vormarz"

Abstract

The purpose of this paper is to investigate Prussian railway policy in "Vormarz", especialy, its aims, objects, methods and results, and to make clear the process of its formation and failure. By this research, I will show the attitudes of the Prussian Government toward railway finance and its historical characters in that times. Principal points I will show are as follows. (I) The Prussian Government refused to construct national railway, it only designed to legistlate for establishment of railway companies and control over them in 1830s. Adoption of this retrenchment policy was not attributed to economic growth and bourgeois' requests, but anti-constitutionalism of the Government after the Napoleonic wars. (II) It is observed that railway companies could not raise capital in want at the end of 1830s, because the commodity and capital markets had been undeveloped in Prussia. Thus, since "Vereinigte standische Ausschusse" (1842), the Government amended its retrenchment policy so as to provide the companies in need of funds, with financial aids. (III) On account of these aids, railway companies could raise enough capital, and construct railroads swiftly from the beginning of 1843 to May 1844. But after that time, the financial conditions of the companies got worse again, because of defects of the commodity and capital markets. At last, the followings became clear. As long as the Government clinged to the existing policy-restricting financial aids in pursuit of retrenchment-, constructions of railroads could not be advanced. At very time, "Marzrevolution" broke down this financial restriction. Since then, the Government gave financial aids to the railway companies on a large scale, and began to construct railroads on its own account.