Well, as I said, my research shows that developments in the telecom industry, and information technology more generally, have ripple effects on the stock prices of firms in just about every other industry in the economy. The development economists call these “general purpose technologies”. They're things that are used by everybody, from forestry companies to meat packing companies. So there are some industries that have these general purpose roles in the economy and are different from other industries. They're the ones that provide these interconnections. So an inefficient telecom industry has this impact, not only on itself but also on every other industry that depends on it.
That, I think, is the key thing to come away with. So things that screw up the telecom industry are very, very expensive—much more expensive than a similar measure, say, for foreign ownership in meat packing, which would matter to meat packing but not much else. Foreign ownership restrictions in telecom, or other policies that limit the efficiency of the telecom industry, affect everybody.