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LIVE: The Myth of the Million Dollar Tulip Bulb
Cautionary Tales with Tim Harford
The Enron of the Age
The York and North Midland Railway was run by George Hudson, a flamboyant politician and entrepreneur. It turned out to be the Enron of the Age, a massive accounting scandal and a disaster for investors. Within a few years, railway shares had fallen from their peak by two-thirds. No investment scheme has ever sucked in so much of a leading economies output. The cost of building all the approved railways would have been almost twice the country's entire annual output.
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