In 1901, the Northern Pacific was an unlikely prize: a twice-bankrupt construction of the federal government, it was a two-bit railroad (literally--five years back, its stock traded for twenty-five cents a share). But it was also a key to connecting eastern markets through Chicago to the rising...

As governments continue to privatize infrastructure services like electricity or gas the importance of private infrastructure providers increases. After some years these providers are often confronted with stricter state regulation that impacts their freedom of action and reduces their...