The airline industry has been buffeted by the forces of deregulation since the mid-1970s. Many new firms have entered, some with different price and operating philosophies and some of these have thrived. Other airlines have gone bankrupt. Overall the real cost of air travel has declined considerably; however, the effects have varied dramatically from market to market. Exactly how was this massive experiment envisioned and planned? How has it worked? And how will it work in the long run?