Unregulated free market theory works. When you say it's instantly distorted by reality, I think that's true if you take a small picture view of the world. But if you look at it from a 5 year, 10 year, or even 100 year perspective, the free market is what brought us Dialup, DSL, Cable, FiOS, WiFi and whatever's after WiFi. I think the free market has done a great job.