http://aranea.law.bris.ac.uk/JMLS/Pub_Nominet.html
An Island in the Net: Domain Naming and  English Administrative 
Law (1997)

 Mark Gould

[...]
Grant Jordan has identified three justifications for governmental 
intervention to regulate otherwise market-driven activities. These 
are (1) in the event of market failure or where the "short-run benefits 
of competition are outweighed by longer-run costs;"  (2) where 
there is a need for regulation to prevent behavior which would 
discredit the idea of the market or to provide a framework for 
efficient competition; and (3) where free operation of the market 
might have harmful externalities. In the absence of explicit 
governmental action to regulate private activities, it is also possible 
for the courts to undertake regulation where appropriate.   

If we adhere to Jordan's threefold justification for regulation, it is a 
relatively straightforward task to confirm that the activities of 
Internet institutions have a public character and that they are 
suitable for regulation. We may, however, be less confident about 
the proper locus for that regulation. Although the market in network 
standards has not failed (since there is no compulsion to use the 
Internet Protocols (IP)), the Internet has become the prevailing 
network protocol for a variety of purposes. It may be necessary for 
the de facto monopoly in Internet standards to be subjected to 
some form of regulation. Likewise, it is possible that decisions 
taken about the network (such as decisions relating to IP number 
allocation, domain registry or routing priorities) are likely to have 
both positive and negative externalities. If commercial interests are 
to be balanced with the public interest on a global scale, it is 
necessary to consider where such a balance, or regulation, should 
take place.

[...]

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See also  Gould, "Governance of the Internet--a UK perspective"
http://aranea.law.bris.ac.uk/Harvard/HarvardFinal.html

where  it is argued "that the Internet institutions form the basis for a 
type of constitutional governance which, when enhanced, might 
stave off most calls for external regulation."

[...] If one takes the view that these resources have a public 
character, then even though they are administered by a private 
commercial enterprise they should be regulated in order to ensure 
that the community at large can be sure that they are being 
administered in the best way possible, and especially by taking 
into account interests which are not necessarily particularly 
powerful. Are they, then, public in nature? Following the immense 
growth in the Internet as a means of communication, I would argue 
that the core functions should be treated as public. In its early 
years, the Internet was more akin to a private system, but its 
growth into a major infrastructure means that the market-type 
allocation of resources of those early years is now inappropriate.    

[...]

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