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What is aviation deregulation?

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What is aviation deregulation?

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There's a great article on Wikipedia about it. Check link below.

Essentially, it is the process of the "restrictions" on prices, routes, and air travel lifted by the Federal Government in the United States. The de-regulation process created a more competitive environment and a free (or free-er) market. Prices for air travel subsequently dropped a lot.

The US is not the only country to go through the process.

"Airline deregulation began in the US in 1978 with the Airline Deregulation Act. Many other countries have subsequently deregulated their domestic markets, and a similar process has applied to airline markets within the European Union. However, many international airline markets remain subject to tight regulation." Source(s): http://en.wikipedia.org/wiki/airline_der...

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Basically the government stopped setting prices for airline tickets and let the airlines set prices. This is good for consumers if you are in a competitive market but if not you usually pay higher fares.