The Limits of Regulation

Yesterday's edition of the Financial Times had an outstanding piece on airline deregulation and the limits of industry oversight from government regulators.  See John Kay, How the Skies Proved the Limits of Regulation, Fin. Times, Oct. 14, 2009 (available here).  The piece discusses some of the lessons government officials might today draw from airline deregulation as the debate over future financial sector regulation continues to be waged on both sides of the Atlantic.