It’s 1970 and the Boeing 747 is finally airborne. But bringing this behemoth to market has taken Boeing to the edge of collapse. And it will take years of belt-tightening and perseverance to overcome this jumbo hangover.

Luckily, the Seattle manufacturer’s competition is in disarray and its major American rivals, Douglas and Lockheed, are in even deeper trouble.

But across the Atlantic, a new threat is brewing. Europe’s government-backed Airbus is finally ready to fly. But the European consortium behind this new jetliner is about to discover that making planes is easier than selling them.

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