As we look back on the boom decades of deregulation - in financial services, energy, airlines - they do not seem to have worked. Unfortunately, in most cases, deregulation was carried out without deep thought. The deregulators did not understand the unintended consequences since they did not understand the industries. As a result, actions were taken which were more for the short-term benefit of the managers than was ever intended. Not surprising really, but unforeseen.
As a result, we are seeing regulation creep back. Inevitably, it will be as poorly thought out as the original deregulation was, so in a few years we will be dealing with the consequences.
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