"The authors' principle theme is the relationship between Panhandle's business strategy and the shifting regulatory environment in which it operated. They give a good account of the company side of the relationship. They conducted scores of interviews with present and past Panhandle employees and had unrestricted access to corporate archives. The result is a story both detailed and readable." Technology and Culture

The study of Panhandle Eastern's history shows the relationship between regulatory policy and the modern corporation in the twentieth century from a unique perspective, for it extends over three eras in the growth of its industry and the US political economy. The first era, in which the interstate pipeline industry began, was characterised by minimal regulation or antitrust activity. Then, New Deal regulatory reforms subjected the firms to single industry regulation, but pipelines bought and sold gas and enjoyed a long period of expansion in spite of the increasingly complex regulations. Finally, the third era was characterised by regulatory failure, energy crises, regulatory change, and industry reorganisation as regulators took the traditional merchant function, that of buying and selling gas, from pipelines and transformed them into open access contract carriers.

Preface
1. Introduction
Part I. Free Competition - Captive Markets: 2. Promoting Panhandle Eastern
3. The Power Trust at bay
4. The triumph of William Maguire
Part II. Managing Regulation: The Challenge: 5. Competing in new forums
6. Regulatory dynamics and market control
7. Strategic diversifications
Part III. Search For a New Equilibrium: 8. Strategic innovations
9. Struggle for corporate control
10. The new order
Appendix 1. An earlier effort
Appendix 2. Interview list.

Subject Areas: Economic history [KCZ]