The Takings Clause and Improvident Regulatory Bargains

Abstract

Over the past twenty years, Americans have turned their backs on one of the New Deal's most important legacies by deregulating nearly every market to which regulation has been applied.At one time the markets for interstate trucking and air transport were subject to strict cost-of-service ratemaking and government controls on new entry.Now, however, both trucking' and air tickets 2 are priced by the market, the same way as potatoes or lumber, and anyone who can obtain access to the necessary facilities can enter.The telecommunications system was once a regulated monopoly from top to bottom, with price regulation applying to everything from long t Ben V. & Dorothy Willie Professor of Law and History, University of Iowa College of Law. 1. See Motor Carrier Act of 1980,49 U.S.C. § § 10706(b)(3)3)-(D) (1994).2. See Civil Aeronautics Board Sunset Act of 1984, Pub.L. No. 98-443, 98 Stat.1703 (codified as amended in scattered sections of 49 U.S.C.)

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