Danger

Some airlines collapse loudly. Their flights become unreliable, delays multiply, schedules disintegrate, and operational confusion spreads visibly across the network. Passengers lose confidence quickly, investors grow anxious, regulators become alert, and the market begins to prepare for failure long before management admits it. This kind of decline is easy to recognise because the symptoms are public, dramatic and difficult to disguise. But aviation history also presents us with another, more dangerous kind of institutional failure….