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This book is based on a seminar held at Oxford University in September 1997. It took place following the election of the first Labour government for 17 years and following an announcement of the consultation process leading up to the publication of a Transport White Paper. The seminar sought to address the somewhat contradictory situation of a government on the left, inheriting a transport industry largely privatized and deregulated, but unwilling to commit itself to the expense of renationalization or to finding the large sums of money needed for investment in public infrastructure and facilities. The debates in the book reflect views on the legacy of the previous administration and on the challenges facing the new government. The chapters contain a mix of expert academic, regulatory body and industry viewpoints on bus, freight, airline and train industries. Most, but not all, start from an economic regulation perspective.