Management not to blame?
Who started pushing prices down in the first place? Who put ridiculous capacity on some routes and called it "competition"? And who actively tried to convince political leaders and the travelling public that the flights could be sustainably operated at these low prices?
Management all the way.
Management have given the false expectation to the public they can travel that cheaply, aided and abetted by a spineless regulator, and a aqueous governments.
Big business has shown that it is far too immature to self regulate.