For Whom the Ma Bell Tolls

The always top-notch Tom Hazlitt looks at the lessons from AT&T’s life and times.

Today, entrepreneurs, investors, and network operators around the globe yearn to learn from the AT&T experience. They will find four simple bewares: (a) of high-priced acquisitions; (b) of cheap credit; (c) of market boundaries defined by history; (d) of business models scripted by regulators.