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Abstract

At the dawn of the new millennium, deregulation has spread like wildfire, unmindful of counsels of caution. A touching faith in competition as the universal solvent of economic ills has fostered all sorts of quaint and obscure beliefs. This Commentary traces these beliefs as they have grown and proliferated in telecommunications, the airlines, and electric power, so as to form a folklore of deregulation-a sort of mythology of the market.

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