PRESENTATION OUTLINE
Definition
The removal of some government controls over a market
The transportation industry is one of the most famous industries to feel the effects of deregulation. In 1887, Congress established the Interstate Commerce Commission (ICC), which regulated the railroad industry.
The inefficiency imposed by regulation and its focus on helping companies more than consumers became very apparent once the Motor Carrier Act of 1980 deregulated the trucking industry.
The transportation industry is one of the most famous industries to feel the effects of deregulation. In 1887, Congress established the Interstate Commerce Commission (ICC), which regulated the railroad industry. Over time, the ICC came to regulate the trucking industry as well. The ICC licensed all truck operators
Like most economic policy, deregulation is controversial. Most economists agree that deregulation lowers an industry's barriers to entry and generally increases efficiency, competition, entrepreneurship, and innovation.
Deregulation also benefits the broader economy because it no longer requires taxpayers to support the regulatory agency's overhead.
