An ancient method of travel used by the populous of London prior to the year 2015. The 'Black Cab
' also known as the Hackney Carriage
first hit the streets back in 1662 in the form of a horse drawn carriage. The fist combustion engine Black Cab was introduced in 1901. Between 1901 - 2015 Black Cab drivers formed a cartel know as the 'The Licensed Taxi Drivers Association'. This cartel limited the supply of Black Cabs in London, resulting in favorable market conditions for Black Cab drivers. Limiting supply allowed the Black Cab drivers to provide substandard service at charge extortionate prices.
In 2009 a solution arrived in the form of a technology company called Uber
. Uber provided an open market place free from the interference of the The Licensed Taxi Drivers Association cartel. Uber's market place allowed the populous of London to determine the fair price of a journey based on supply and demand economics. By the year 2015 Uber usage in London surpassed the use of Black Cabs.
Today Black Cabs are a thing of the past. You can still find a few Black Cabs on the roads of London catering for tourists keen to experience a ride in this relic. Today a trip in a Black Cab is booked through the Uber app.