Final answer:
Deregulation is the process of reducing or eliminating government restrictions in various industries to promote competition and efficiency. Starting in the late 1970s, industries such as telecommunications, airlines, and banking were deregulated in the U.S., which changed the landscape of how these industries operated and competed.
Step-by-step explanation:
Deregulation is the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Over the years, several industries have been deregulated in the United States, particularly starting from the late 1970s into the 1990s, driven by technological advancements and a belief that markets could adequately provide services. Industries that have been deregulated include telecommunications, airlines, trucking, banking, and electricity.
During the presidency of Jimmy Carter, Congress passed laws leading to the deregulation of transportation, which impacted aviation, trucking, and railroads. This allowed companies more freedom in choosing the routes and setting rates for their services. Other industries, such as natural gas and banking (with changes to interest rate controls), also experienced significant deregulation, aiming to improve industry efficiency and consumer choices.