Although the exact impact of deregulation is difficult to assess, it clearly created enormous upheaval in affected industries. Consider airlines. After government controls were lifted, airline companies scrambled to find their way in a new, far less certain environment. New competitors emerged, often employing lower-wage nonunion pilots and workers and offering cheap, "no-frills" services. Large companies, which had grown accustomed to government-set fares that guaranteed they could cover all their costs, found themselves hard-pressed to meet the competition. Some -- including Pan American World Airways, which to 74