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"The construction of municipal water systems was a major event in the history of American cities--bringing relief from disease, providing resources to combat fires, attracting business investment, and promoting development generally. Although the first large-scale municipal water system in the United States was completed in 1801, many American cities lacked waterworks until the turn of the twentieth century. This paper investigates the reason for the century-long delay and the subsequent frenzy of waterworks construction from 1890 through the 1920s. We propose an explanation that emphasizes the development of local public finance. Specifically, we highlight the importance of municipal bond market growth as a facilitator of debt finance. We argue that this explanation is superior to others put forward in the literature, including disease knowledge, the presence of externalities, municipal population density, natural monopoly, contracting difficulties, corruption costs, and growth in the supply of civil engineers"--National Bureau of Economic Research web site.
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Subjects
Econometric models, Finance, History, Municipal water supply, Water-supplyPlaces
United StatesShowing 2 featured editions. View all 2 editions?
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1
Water, water, everywhere: municipal finance and water supply in American cities
2005, National Bureau of Economic Research
Electronic resource
in English
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2
Water, water, everywhere: municipal finance and water supply in American cities
2005, National Bureau of Economic Research
in English
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Book Details
Edition Notes
"January 2005."
Includes bibliographical references (p. 29-31).
Also available in PDF from the NBER world wide web site (www.nber.org).
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"The construction of municipal water systems was a major event in the history of American cities--bringing relief from disease, providing resources to combat fires, attracting business investment, and promoting development generally. Although the first large-scale municipal water system in the United States was completed in 1801, many American cities lacked waterworks until the turn of the twentieth century. This paper investigates the reason for the century-long delay and the subsequent frenzy of waterworks construction from 1890 through the 1920s. We propose an explanation that emphasizes the development of local public finance. Specifically, we highlight the importance of municipal bond market growth as a facilitator of debt finance. We argue that this explanation is superior to others put forward in the literature, including disease knowledge, the presence of externalities, municipal population density, natural monopoly, contracting difficulties, corruption costs, and growth in the supply of civil engineers"--National Bureau of Economic Research web site.
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