Long distance did it in the nineties. Internet access, though never a regulated monopoly, went through a very similar process and now seems to be settling into Stage 6. Local competition is currently straddling Stages 4 and 5. The problem, for incumbents and entrants alike, is that Stage 6 provides only relative stability. There are no guarantees, and there is no time to rest.
New challengers are always at the gates, and the process can always begin again, without warning.
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