Airline bankruptcies fall into two categories: some airlines, like Icelands WOW air last month, succumb because a new experiment does not pan out. Others, like Jet Airways in India in mid-April, give up because an old experiment no longer works; the market has evolved without them. At its inception, Jet Airways was the future: private in a market overwhelmingly dominated by two state-run behemoths (now combined into one).