Over time, various industries have experienced repeated swings between more and less extensive governmental regulation. This pattern reflects in part the ongoing cycle of economic prosperity and hardship. Using the airline industry as an example, Judge Cudahy demonstrates how problems fostered by deregulation come to the fore in a slumping economy. An exclusive focus on market efficiency may be too simplistic in light of bankruptcies, oligopoly, lost jobs, and chaotic pricing. Even with the enhanced participation of foreign carriers in the U.S. air market, Judge Cudahy anticipates a return to more regulation in the airline industry, and suggests that this trend may apply to other deregulated industries.

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