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Over the last several years, the value of stocks in both the airline and the telecommunications industries have dropped catastrophically. Since these industries were among the most importantand most visibleto have been unleashed from regulation in recent decades (albeit in widely differing degree), their difficulties have raised the question of whether their deregulation should be reconsidered or even reversed. Alfred E. Kahn, one of the foremost authorities on deregulation, argues in this book that every passing year demonstrates the superiority of the road chosen for the airlines. He contrasts the financial meltdowns of both the airline and telecommunications industries with others taking place at the same time, particularly in technology-related stocks and dot.coms, pointing out that these sectors were also relatively free of direct economic regulation. Their experience provides a useful counter to the natural tendency to blame all the woes of aviation and telecommunications on government policy. This book provides a valuable and accessible guide to unraveling the complex world of network deregulation. It will serve as a reference point for practioners and policymakers, as well as an important introduction for the general public.
"Excellent reading on [deregulation] is a new paper by Alfred Kahn, doyen of America's regulation economists. In a study jointly published by the American Enterprise Institute and the Brookings Institution, Mr. Kahn assaults the widely held view that America's deregulation of airlines and telecoms has been a terrible failure-and the main cause of the financial disasters lately visited upon those industries." -- The Economist, 12/6/2003
|The Airlines: "Normal" Recession plus 9/11 and Iraq||p. 3|
|Cyclical Sensitivity plus 9/11||p. 4|
|The Triumph and Vulnerability of Hub-and-Spoke Operations||p. 5|
|The Restructuring Response||p. 7|
|Telecommunications: Tangled Wires and Deregulatory Remedies||p. 21|
|The Unequivocal Successes of Deregulation||p. 21|
|The Role of the AT&T Divestiture and Its Gradual Reversal||p. 23|
|The Growth of Local Competition||p. 25|
|The Bubble Bursts||p. 26|
|The Apportionment of Blame: The 1996 Telecommunications Act||p. 28|
|A Reentry of Antitrust?||p. 41|
|Line Sharing||p. 43|
|Table of Contents provided by Rittenhouse. All Rights Reserved.|
Series: AEI-Brookings Joint Center for Regulatory Studies
Number Of Pages: 88
Published: 22nd December 2003
Dimensions (cm): 28.8 x 15.2 x 0.6
Weight (kg): 0.15