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Divergence or conflicts among economists on the theory of state intervention or regulation of Telecommunication monopolies and the free market response based on George Stigler’s Regulatory Capture thinking have been points of intellectual debate for some time. This has certainly been the case with debate on monopoly power amid a shift from recognising a Natural Monopoly and the move towards a market-based economy where the monopoly continues to exert considerable influence. What has changed since Stigler’s 1971 theory on regulation and the contrarian theory of the role of the state and regulation held by Bentham, Landis and others has been the shift to converging Telecommunication networks in a competitive environment. The conflicts however remain.