(Cross-post from my other blog, Freedom is Moral.)
The sinking of the Titanic is usually blamed on that careless, horrible Captain Smith and the greedy, capitalist shipowner who didn’t want the expense or inconvenience or clutter of enough lifeboats. Rarely discussed is the role of the regulators in the tragedy.
Chris Berg points out in his Wall Street Journal article a year ago, The Real Reason for the Tragedy of the Titanic, that the regulators, the British Board of Trade, required all boats over 10,000 metric tons to have 16 lifeboats. It didn’t matter how many passengers were on board. Just put 16 lifeboats on.
Was the Titanic in compliance? Yes.
Continue reading “Role of regulatory failure in the sinking of the Titanic”
I’m taking a meandering trip to look at the cost to cross the Atlantic in 1912 versus 2012.
Previous post looked at the ticket prices for various classes of accommodations on the Titanic and salaries for a variety of positions at the time.
I converted some of those weekly salary numbers into annual amounts and then lined up the positions in terms of which class of accommodations people would likely take. This shows the number of weeks salary it would take to buy a ticket on Titanic.
Continue reading “Cost of crossing Atlantic on Titanic expressed in wages of the time”
While taking some vacation time in San Diego this past weekend, my wife and I went to the Titanic exhibit hosted by the San Diego Natural History Museum. It was fantastic! By the way, the exhibit runs through September 9, 2012 if you are interested.
I plan to use the Titanic as a reference point for change in transportation costs. That idea struck me very strongly on this short vacation in San Diego.
The best starting point for the exhibit is a blog post at Well Heeled Blog. A quick read of the blog and related Facebook page shows the author wishes to remain anonymous.
Continue reading “Titanic exhibit in San Diego – dollars and time to cross the Atlantic”