Rail carriers such as CSX, Union Pacific, and Norfolk Southern were offering a 17% increase over six years compared to the 19% hike over five years demanded by the unions, which represent around 70% of rail workers.

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America's rail advantages again began to shine compared with the nationally regulated carriers of Europe, where freight plays a secondary role to passenger traffic (the reverse is true in America, where passenger rail is still a poorly served and money-losing industry).

ECONOMIST: What kind of industry asks its regulator to block all deals?