During the incredibly brief period of the last 20 years, a revolution has taken place in air transportation. The magnitude and rapidity of change, and its worldwide impact, are probably unprecedented in history. The earth has shrunk so that no two points are much more than a day apart. World travel has become commonplace, bringing with it sociological changes of immense potential magnitude.

Today we are standing on the threshold of an era of even greater growth in our industry and its contribution to the world.

It is the purpose of this discussion to review progress and promise in the total air transportation system from the standpoint of passengers and freight, geography, technology, economics, regulation, airlines, and manufacturers. I would like to do this in three parts: (i) progress, (ii) uncertainties, and (iii) promise.