Beginning in the 1970s, the relationship between the airline industry and the state changed, although the timing of liberalization (a term which refers to both deregulation and privatization) and its extent has varied among the world's main markets. Across the globe, dozens of airlines have been at least partially privatized, and many airline markets have been deregulated. In the United States, the Air Deregulation Act of 1978 opened the industry to competition. The results, seen from the vantage point of more than 25 years later, have been dramatic, once hallowed names, like TwA, Pan Am, and Braniff sank into bankruptcy (though Pan Am has been reborn as a much smaller carrier along the Atlantic coast) and many new players emerged. Most lasted only a short time, but some have had a profound, enduring effect on the industry and air transportation more generally.