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Flying astray offers a desirable and topical perception into the workings of foreign air shipping as noticeable from an economist's standpoint.
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Additional info for Flying Off Course: The Economics of International Airlines, 2nd Edition
1 shows changes in the real price of fuel since 1970). By mid-1975 airlines were paying three times as much for fuel as they had been paying two years earlier. Second, the widespread inflation in most of the world’s economies pushed up other areas of operating costs, especially those that were labour intensive. Lastly, the downturn in economic growth, particularly in Europe and the United States, resulted in declining or very low rates of increase in real disposable income, which adversely affected the demand for both passenger and freight transport.
Many governments which owned their national airlines turned to privatization as a way of injecting much-needed equity capital into undercapitalized airlines. 4). This adversely affected the financial results of many US and European carriers, especially those with substantial North Atlantic operations. In short, the airline industry, which has benefited from uniquely rapid growth over the last 35 years, has actually enjoyed only two brief periods of reasonable profitability. A large part of its current revenues are needed to finance the interest payments on the industry’s accumulated debts.
The conferences, meeting in secret and usually about four to six months in advance, established the tariff structure which would be operative for a specified period, usually of one year. The conferences also agreed on fares between the conference regions. About 200,000 separate passenger fares and over 100,000 cargo rates were negotiated together with complex conditions of service associated with each fare. The conditions would cover such aspects as seat pitch, number of meals to be served, charges for headphones, and so on.