Continental European attitudes towards gambling and nakedness tended to be more lax than in Britain, so British and French entrepreneurs were quick to exploit the possibilities. In 1863, Charles III, Prince of Monaco, and François Blanc, a French businessman, arranged for steamships and carriages to take visitors from Nice to Monaco, where large luxury hotels, gardens and casinos were built. The place was renamed[citation needed] Monte Carlo.


Growth rates are not consistent in all regions, but countries with a de-regulated airline industry have more competition and greater pricing freedom. This results in lower fares and sometimes dramatic spurts in traffic growth. The U.S., Australia, Canada, Japan, Brazil, India and other markets exhibit this trend. The industry has been observed to be cyclical in its financial performance. Four or five years of poor earnings precede five or six years of improvement. But profitability even in the good years is generally low, in the range of 2–3% net profit after interest and tax. In times of profit, airlines lease new generations of airplanes and upgrade services in response to higher demand. Since 1980, the industry has not earned back the cost of capital during the best of times. Conversely, in bad times losses can be dramatically worse. Warren Buffett in 1999 said "the money that had been made since the dawn of aviation by all of this country's airline companies was zero. Absolutely zero."[88]
The development of the seaside resort abroad was stimulated by the well-developed English love of the beach. The French Riviera alongside the Mediterranean had already become a popular destination for the British upper class by the end of the 18th century. In 1864, the first railway to Nice was completed, making the Riviera accessible to visitors from all over Europe. By 1874, residents of foreign enclaves in Nice, most of whom were British, numbered 25,000. The coastline became renowned for attracting the royalty of Europe, including Queen Victoria and King Edward VII.[7]

During the era of decolonization, newly born Asian countries started to embrace air transport. Among the first Asian carriers during the era were Cathay Pacific of Hong Kong (founded in September 1946), Orient Airways (later Pakistan International Airlines; founded in October 1946), Air Ceylon (later SriLankan Airlines; founded in 1947), Malayan Airways Limited in 1947 (later Singapore and Malaysia Airlines), El Al in Israel in 1948, Garuda Indonesia in 1949, Japan Airlines in 1951, Thai Airways International in 1960, and Korean National Airlines in 1947.
In the 1950s, the De Havilland Comet, Boeing 707, Douglas DC-8, and Sud Aviation Caravelle became the first flagships of the Jet Age in the West, while the Eastern bloc had Tupolev Tu-104 and Tupolev Tu-124 in the fleets of state-owned carriers such as Czechoslovak ČSA, Soviet Aeroflot and East-German Interflug. The Vickers Viscount and Lockheed L-188 Electra inaugurated turboprop transport.
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