rs in a more effective way. The 'AT&T' brand however was still very valuable and the acquiring companies adopted the name. The policy-business-technology developments of the last decades in the 20th century transformed the industry landscape and led to emergence of new companies. It also signalled the end of arguably the most iconic telecommunications company [11]. Many telephone operators went through the same experience as AT&T. The majority were government-owned, and many have stayed afloat after deregulation. The emer- gence of mobile and broadband telecommunications has created new revenue streams as the case of Australian operator Telstra demonstrated (Chapter 2). Nevertheless, the dynamics of technology, business and policy have been in play in every market, and have been instrumental in the success or failure of operator companies. Case Study Questions How did AT&T establish a monopoly? How did AT&T manage the technology-business-policy framework? Was AT&T successful in R&D? Why was AT&T broken up? In hindsight, is there anything AT&T could have done differently? Private Branch Exchange and Leased Line Business We finish this chapter with a wholesale business model offered by telephone operators in the second half of the 20th century. This wholesale business appeared because of the need for internal telephony systems by large organisations. A number of organisations such as large companies and governments have offices in remote places that need to be connected on a reg- ular basis. Officers in these organisations make many calls over the course of a working day to remote offices. Until the mid-1990s the cost of long-distance telephony was quite high and therefore it made business sense for these organisations to enter into special arrangements with telephone service providers such as Telstra or AT&T. In essence these companies managed to buy telephony services on a 'wholesale' rather than a 'retail' basis. To cater to the needs of these customers, a new line of wholesale business emerged. Telephone operat