I witnessed the telephonics revolution and lived to tell about it. I can go back to the time that there was Bell Telephone, and in the other corner, Bell Telephone. I even remember the standard black, rotary dial phone. That was what they called choice back then.
Bell had a monopoly because the government said that competition would be bad for us. Bell of course agreed. In return the government said it had to control Bell's profits. Bell profited and consumers had no choice.
Then there was a dramatic development in the telephone industry. Bell decided that we could have a new kind of phone, the "sleek" Princess phone. They promised that it was little, lovely and it lights up! Better yet it came in some colors other than black. That was a revolution by the standards of the regulated Bell Telephone.
It took another four years before the next great innovation came along—touchtone dialing. And then it was another 15 years before they came up with the idea of phone jacks where the phones just plugged in and worked. To say the least, change came at a glacial pace, there was little innovation and costs remained high compared to the average income.
