Although 82% of the U.S. airline industry is dominated by 4 airlines, it is not a typical oligopoly because of new small airlines flying routes that the bigger carriers cut.
Whether departing on Imperial Airways from Great Britain or Pan Am in the US, for most of the 20th century you had no need for business class. Only the wealthy could afford to fly. In 1934, anyone with £180 ($17,000 today) could travel on…
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