The broad conclusion from tons of academic research is that private sector does things better than government. In a lot of these cases privatization is the only thing do because (large state projects) require a lot of capital and government entities usually have limited access to capital.

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Right now, it's the best of both worlds low fares and lots of flights. But that can't last, and everybody who doesn't have a flight available to them in the future will be worse off.

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The problematic aspect is that the bankruptcy laws that are designed to facilitate that sometimes stretch things out.

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