We are attending a symposium on “Internet freedom” at GW Law School in Washington, D.C. today (22 Sept.). My only complaint is that I wish the Federalist Society, which sponsored the conference, had invited Professor Larry Lessig, a champion of Internet regulation and “net neutrality,” to defend the social costs (see below) of Internet regulation. (Note: we will discuss the pros and cons of Internet regulation in future posts.)
Credit: Prof. Michelle P. Connolly
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One can make an argument that the reason we enjoy the internet service we have today is due to the overbuilding of ifiber-optic and network-switching nfrastructure in the dot-com days of MCI, Global Crossing, etc. Cisco Systems stock was worth almost $80 (without splits, and in the dollars of that time) in 2000 before the crash, now it is in the $30s. Many corporations that no longer exist bankrolled the network we have now, which was then bought up at bargain prices by more mature companies. Boom-bust-boom-bust. Is the lesson here that every opportunity induces a failure that a successor will take advantage of?
Those are good points. Remember AOL Time Warner?