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An economic analysis of the way in which the air transport industry operates and of the nature of the policies that have been adopted to regulate the sector. The book covers domestic and international air transportation with an emphasis on airlines, and includes discussions of related markets such as airports and air traffic control. The authors provide details of how the sector functions and the reasons why the airline industry performs as it does today and explore the way in which governments have, over the years, attempted to manipulate air transport markets to meet political objectives.