 that their call/session is taking, However, ubiquitous accessibility is already making substitution of mobile for fixed attractive to active users, and according to ITU figures, fixed lines have slowed in rollout from the expected path (see ITU projections in Figure 2.1). Moreover, a virtuous cycle is entered into, as telecommunications take-up drives the economy through better market information, which increases overall per capita income. 23 Income inequality has been growing but the numbers of those on under 2 USD per day income may well decrease faster than expected with good telecommunications. The main growth in telecommunications deployment and technology can be expected outside the developed group of nations, especially as the location of expanding economic activities moves to China, India and the developing world. It will be driven by private investment largely in competitive situations. The drives towards efficient sanitation, with clean drinking water for the poorest, will accelerate with telecommunications infrastructure. As the share of services as part of the developing economies rises, as opposed to manufacture, SO the demand for telecommunications will strengthen. This is already evident in India, with export of its software services. Public finance, investment and capital markets The growth of telecommunications, and especially its infrastructure, is intimately linked with financial markets, because privatisation with deregulation has come to the fore in the telecommunications industry, SO that the state is no longer the prime telecommunications investor. WorldCom (formerly MCI) in the United States (started to rival the AT&T monopoly in the 1970s) had to finance itself through effective founding of the "junk bond" market in the 1980s, as an alternative to direct bank lending. The telecommunications boom of the late 1990s and its collapse in 2000/01 put the US and global banking systems in peril due to the enormous amounts lent to operators (WorldCom, Level 3, etc.) to build fibre optic networks 