Deregulation is the removal of government oversight in a particular industry, market or economy. It is implemented with the intention of creating more competition within an industry.When deregulation occurs, an industry becomes easier to enter, which tends to increase competition and innovation, especially among smaller entities. Large, established players in an industry lose some of their clout, which also spurs competition. In general, the theory states that deregulation usually helps consumers – it builds competition and leads to lower prices. In practice, however, this is often not the case, or is only the case for a short while. Some of the more well-known instances in recent decades include the deregulation of the cable and airline industries. The Telecommunications Act of 1996 deregulated prices in the cable industry, which led to more competition, innovation and services. It also led to higher prices, however – often increasing at a rate far beyond that of inflation. The Airline Deregulation Act of 1978 removed regulations government used to control licenses, fares and the means by which carriers conducted business. As a result, airlines grew, as did their services and passengers served. Flash forward to current day, however, and with airline mergers and failures leading to fewer airlines, prices have risen and services decreased.