Regulationism often brings disastrous results. In some cases monopolies were granted by the state, in others competitors weren't allowed to compete. The cost of air travel and phone service was astronomical. Thankfully the Reagan revolution helped tear down the regulationism that was in place. If the regulations from the 70s were still in place we wouldn't have cheap air travel, ubiquitous cell phones, or a host of other advances that a competitive market place offers.