Economic deregulation refers to the process of reducing or eliminating government rules and restrictions in various industries. This can lead to increased competition, lower prices, and more choices for consumers. Deregulation often aims to promote efficiency and innovation by allowing businesses to operate with fewer constraints. However, deregulation can also have drawbacks, such as reduced oversight and potential risks to public safety or the environment. For example, the deregulation of the banking industry in the late 20th century contributed to the 2008 financial crisis. Balancing the benefits and risks of deregulation is a key challenge for policymakers.