The Deregulation of Various U.S. Industries

Paper Summary:

The paper argues that the Federal government's policy towards deregulation had a dramatic impact on various industries. The paper primarily focuses on the airline, petroleum, trucking and banking industries. The paper continues, showing that deregulation was a big part of President Reagan's economic policy. He saw over regulation as a contributing factor to the economic problems that the country was facing when he took office in 1981. The paper also examines how the deregulation policy has allowed industries to respond better to the market needs and operate more cost effectively.

From the Paper:

"Labor unions have been opposed to deregulation because competition has forced down wage demands. Previously labor disputes were accepted and the airlines would use this to justify the CAB ordered fare increases. Labor costs have gone from 42 percent of operation costs to 34 percent and the revenue per employee ratio has increased."

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