I'm wondering why the regulation was necessary and why the free market forces didn't bring the prices or roaming down? What are the forces in telecom industry that kept the prices so high (assuming that the prices were higher then necessary)?
There are free markets and then there are free markets. There are commodity markets with many producers, many consumers and product uniformity. These can be modeled very effectively using economic theories. Barley, pork bellies, silver. There are more “normal” markets with many (or at least enough) producers & consumers and nonuniform products with sufficient substitution options. Supermarkets, building supplies, spo…
Which telcom markets are you thinking about? The ones I'm familiar with are all fairly interventionist.