This thought-provoking book chronicles the evolution of the airline industry and explains what lies ahead for airlines across the globe. The authors present compelling evidence on how the paradigm shift that is taking place in the airline industry is linked to the big-bang approach to deregulation. The US airline industry has been taken as an in-depth case study. There are lessons to be learned from the US as Europe and Asia undergo the (airline) deregulation experience from a public policy as well as a corporate perspective. The book also addresses the crucial question of what will happen to the airlines that are in turmoil. In addition to the comprehensive analysis of the airline industry's evolution, the authors draw from extant theory as well as from their own research to predict and explain which (and what kind of) airlines are likely to succeed and fail in domestic and international markets. The downfall of legacy carriers and rise of discount carriers is analyzed in detail. The non-technical analysis is intended for a broader audience than airline and management professionals.