This panel session aims to provide an incisive examination of the sweeping changes and economic consequences that liberalization policies have introduced to the air transport industry. Esteemed panelists will unpack the multifaceted nature of liberalization, dissecting both the progressive reforms that have opened skies and markets, as well as the aeropolitical maneuvers that continue to shape the global aviation playing field. The discussion will navigate through the economic theories that underpin liberalization efforts, scrutinize the real-world outcomes of deregulation, and debate the balance between free-market competition and the need for protective measures. Panelists will also dissect the geopolitical implications of liberalization, analyzing how cross-border agreements and regional blocs influence trade, airline operations, and ownership dynamics.