When people like me who teach regulation discuss theories of regulation, we normally start with the "public interest theory" because that is the intellectual rationale for regulation. We then discuss how it is difficult to show how public interest regulation meets a "public interest" standard. One of the alternative theories that is offered is called "capture theory". All of this is a preface to a pointer to this article that Tim Lee posted over at Technology Liberation Front (that amounts to a book synopsis) on this topic.
Regulation, regulatory capture, technology, telecommunications