In a society where as much as 50 percent of the gross national product is spent on information transfer services, trends in communications policy and capabilities become extremely important and can have major consequences. During the past ten years, the Federal Communications Commission has made a major effort to promote competition and innovation in the telecommunications industry. But, in order that public interests be identified and adequately served, there must be a wider understanding of the industry and the issues. Robert Magnant takes full account of the multidisciplinary nature of the telecommunications field, and in this book presents an objective treatment of technological trends, policy issues, and market constraints. His study has been designed to provide intelligible, easily accessible information for the legislator, the business leader, the concerned citizen. It deals with the specific area of telecommunications, but in its complete coverage of a major domestic policy issue, it is at the same time an excellent case study to illuminate the intricacies and options in the formulation and operation both of general government and business policy and, more specifically, regulated market structures.