TRAVEL: What a Little Competition Can Do

Ask a member why he belongs to his favorite cartel, and he most probably will answer that he would go out of business if competitors could undercut his prices. That has been the standard defense put forth by the International Air Transport Association (IATA), the industry group that sets fares for overseas travel on scheduled flights. Still, it is amazing what a little competition can do.

Take the case of Laker Airways.

That is the non-IATA creation of Freddie Laker, the fast-talking Briton who has long been trying to crack lATA's monopoly on...

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