Originally Posted by
FlightlessParrot
Yes, except that this was not something that "slowly occurred" to the regulators: it was a deliberate political decision for "light-handed regulation" and self-regulation, taken throughout Anglophonia, in the belief that the market would ensure that the regulated entities would want to keep their good reputation (for commercial reasons), and so could attend to the material aspects of regulation, without being stifled by "bureaucratic inertia." We now see the costs, in many industries, in lives that would not have been lost under the old regime.
Well, it worked so well with the banking industry that they thought they would try in aviation.