Light railway refers to a railway built at lower costs and to lower standards than typical "heavy rail". This usually means the railway uses lighter weight track, and is more steeply graded and tightly curved to avoid civil engineering costs. These lighter standards allow lower costs of operation at the price of slower operating speeds and lower vehicle capacity.
The precise meaning of the term varies by geography and context.
Read more about Light Railway: United States, United Kingdom, Australia, Industrial Railways, Military Railways
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