The process of removing legal or quasi-legal restrictions on the amount of COMPETITION, the sorts of business done, or the PRICES charged within a particular industry.
Deregulation involves removing government legislation and laws in a particular market. Deregulation often refers to removing barriers to competition. In certain industries, the barriers to entry are decreased to small or new companies, fostering innovation, competition, and increased consumer choice. The free market sets prices, which some believe promotes growth. It improves corporate efficiency, lowering costs for consumers.