Talk about a bumpy ride: In Robert Milton’s first four years as CEO of Air Canada, the airline went from industry giant to virtual monopoly to national laughingstock to troubled company seeking bankruptcy protection.

How could it happen? That’s the question at the heart of Air Monopoly, and Globe and Mail business reporter Keith McArthur makes a courageous attempt at answering it. This is a beautifully written, fast-paced, even-handed account of the turbulent Canadian air industry, with all its problems – competition, corporate takeovers, government interference, a changing economy and, of course, horrendously bad luck (otherwise known as Sept. 11).

At the centre of it all is Milton himself, a man who seems to inspire only strong emotions in the industry, both positive and negative. Widely viewed as being as arrogant as the company he leads, after being made the poster boy for Air Canada in his infamous 180-day pledge to fix the airline, he becomes the target of considerable consumer loathing. (McArthur quotes the National Post’s Scott Feschuk’s “Open Letter” to Milton: “Dear Bob, Your freaking airline totally sucks. Sincerely, Everyone.”)

Air Monopoly is an engaging and informative read, but what McArthur needed to make this book really fly was another 100 pages. After documenting the events of the late 1990s and early 2000s, with all the requisite historical context, he finishes with a chapter that moves beyond detailing the how and looks at more provocative questions such as why, what if, and who’s to blame. After almost 300 pages of detail and storytelling, McArthur allows only 27 pages to tie it all together. Frankly, it leaves the reader wanting more, which is perhaps a testament to just how good the rest of this book is.