 well positioned to take market share from the European and US vendor community. In the past, Europe and the US may have been able to realise a measure of market protection through aggressive management of the standards process and associated use of litigation to defend intellectual property value However, this incurs a cost that at a practical engineering level translates into hundreds of engineers attending hundreds of international standards meetings that generate thousands of pages of standards documents that only the authors can interpret. This is probably no longer a sustainable business model. The progressively more active engagement of Chinese and Indian vendors in telecommunication standards work is a symptom of this transition in present progress. And that summarises the underlying narrative that will be explored in the next twenty chapters. Technology economics and engineering economics are distinct and separate disciplines that are amenable to analysis and can yield significant insight into future competitive differentiation and competitive advantage opportunities. Accurate historic data sets are available that can be used to measure the rate of technology change. These can be used to underpin forward forecasts, but have to be qualified against any external factors that have undergone significant change. So, for example, it could be argued that the spectral auction process has taken probably at least $200 billion dollars of cash out of the mobile telecommunications sector of the telecommunications industry. This has resulted in a decrease in available R and D resource. Making Telecoms Work In parallel, new markets have emerged, specifically China. These are having a gravitational effect on already diminished and diluted global technology and engineering capability. This will create a vacuum that will increasingly become filled by locally sourced resource. China's present investment in telecommunications engineering education and training closely mirrors the educational policy adopted by the Finnish go