March 21, 2016

As CEO of Canadian Pacific Railway, Hunter Harrison over the past several months has raised a very relevant aspect of the U.S. railroad industry through his efforts to acquire Norfolk Southern. Although segments of the transportation industry have consolidated to gain network efficiencies, the railroads continue to operate with the structural constraints of a bygone era.

After deregulation of the trucking and passenger airline industries more than three decades ago, both experienced major consolidation. The $35 billion less-than-truckload industry has seen more carriers acquired or closed than are currently operating…