Over the last two decades, we have witnessed extensive industrial reforms, restructuring, and deregulation around the world. The business of restructuring industry, it turns out, is best learned by example. But few examples are good and many are bad.
In Great Britain, the recent debacle in restructuring the passenger rail industry has left a trail of poor service and alarming safety problems. In the U.S. airline industry, serial bankruptcies are commonly associated with airline deregulation. The business of electricity, still in the shadow of the California experiment and Enron’s relentless manipulation of energy markets, has now joined these ranks.
