Dramatic changes in transport policy have occurred since publication of the inaugural issue of Transportation Journal. Paramount among these changes is economic deregulation. It brought to a vestige the once-comprehensive structure of control over business behavior in transport markets that had endured since its 19th-century starting point. As economic regulation receded, environmental, safety, and security regulation of transport burgeoned, driven more strongly by political than by economic calculations. Determination of whether its benefits exceed its costs will require a longterm horizon rather than a short-run one. Emerging political currents portend contraction of both publicly funded transport services, and infrastructure quality and capacity. Looking ahead, crafting and implementation of means for adequate funding—and for economically rational safety, security, and environmental standards—stand as prime transport policy challenges between the Golden and Diamond Anniversaries of the Transportation Journal.

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