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This title was first published in 2001. By giving long over-due detailed consideration to airline deregulation in countries other than the US, Dipendra Sinha makes a unique contribution to the literature on airline deregulation and transport economics.
This book considers the current legal issues affecting the air transport sector incorporating recent developments in the air transport sector, including the end of certain exemptions from EU competition rules, the effect of the EU-US Open Skies Agreement, the accession of new EU Member States and the Lisbon Treaty. The book explores the differing European and US regulatory approaches to the changes in the industry and examines how airlines have remained economically efficient in what is perceived as a complex and confused regulatory environment.
Although the airline, railroad, telecommunications, and electric power industries are at very different stages in adjusting to regulatory reform, each industry faces the same critical public policy question: Are policymakers taking appropriate steps to stimulate competition or are they turning back the clock by slowing the process of deregulation? This volume addresses that issue and identifies the next steps that policymakers should take to enhance public welfare in the provision of these services. Each chapter identifies the central policy issues that have arisen in each industry as it undergoes transformation to a deregulated environment. The authors reveal the flaws in the residual regulations and make the case for faster and more comprehensive deregulation. A concluding chapter identifies how interest groups continue to exert influence on regulatory agencies and on Congress, potentially undermining deregulation. The papers included here were initially presented in December 1999 at a conference sponsored and organized by the AEI–Brookings Joint Center for Regulatory Studies.
Examines the U.S. airline industry during its 18 years of deregulation
The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
Placing the airport business within a conceptual framework, the author examines the major global issues that confront it and offers solutions to the economic and financial difficulties likely to arise in the future.
The debate on the future of the aviation sector and the viability of its traditional business practices is the core of this book. The liberalization of the EU market in the 1990s has radically modi?ed the competitive environment and the nature of airline competition. Furthermore, the new millennium began with terrorist attacks, epidemics, trade globalization, and the rise of oil prices, all of which combined to push the industry into a “perfect storm”. Airline industry pro?tability has been an elusive goal for several decades and the recent events has only accentuated existing weaknesses. The main concern of ind- try observers is whether the airline business model, successful during the 1980s and 1990s, is now sustainable in a market crowded by low-cost carriers. The airlines that will respond rapidly and determinedly to increase pressure to restructure, conso- date and segment the industry will achieve competitive advantages. In this context, the present study aims to model the new conduct of the ‘legacy’ carriers in a new liberalized European market in terms of network and pricing competition with l- cost carriers and competitive reaction to the global economic crises.
Competition in air transport has been transformed by industry liberalization initiatives, resulting in the emergence of a wide array of new airline start-ups. Restrictions on low fares have been removed, uniform control requirements have been established, and legislation has facilitated the proliferation of low-fare carriers and competition. The new breed of independent low-fare airlines (LFAs) use market freedoms to shake up the industry's competitive dynamics and offer the customer the alternative of low prices and basic service. A successful low fare business model requires a ruthless and relentless focus on cost cutting and increased operational productivity, combined with an ability to generate and maintain a cash surplus and a cautious but steady fleet and route network expansion. The mastery of these techniques has made Southwest and Ryanair industry leaders, but others such as EasyJet also have a proven record of profitability and market growth, despite not always being the lowest cost or price providers. In this comprehensive and topical study the author systematically provides: · a step-by-step approach to understanding the conditions and choices shaping airline competitiveness, and an assessment of the nature of the low fare market · a comprehensive study of the low fare airline sector's evolution and growth and arguments as to why the European low fare industry is here to stay despite the inevitability of a shake out (reminiscent of the early 1980s in the USA). · unique insights into the success of low fare market leaders in Europe, North America and Australasia and an examination of the experience of US new entrants in the post-deregulations era, to discern strategic lessons for their counterparts; · critical perspectives on strategic management principles and practices in modern airline companies, discussing strategies for survival, and comparing competitive strategies for the main low fare airlines and their limitations; · key reasons for the robustness of the low fare business model during industry crises The book also determines the conditions and strategies that shape sustainable advantage for LFAs in highly competitive deregulated markets where established airlines seek to force out new entrants and considerable political interference remains. Moreover, the book considers why, during the airline industry crisis of late 2001, the market capitalizations of low fare leaders held steady in the wake of the US terrorist attacks, while the major carriers on both sides of the Atlantic were decimated. Cleared for Take-Off is essential reading for airline executives, aerospace manufacturers, regulatory and government transportation agencies, researchers or students of aviation management, transport studies, the travel industry and/or corporate strategy.