Aviation is one of the most regulated industries in the world. Much of this regulation
is safety-related, to mitigate the inherent risks tied with air transport. But aviation
is also subject to economic regulation that influences which airline flies which route,
at which frequency, capacity and price. It even stipulates the nationality of its
owners and decision makers. Aviation has freed itself from some restrictions over
the past three decades, with many benefits to society. Yet liberalisation has also
raised issues with regard to maintaining fair competition, high labour standards and
mitigating aviation’s growing environmental impact.