One of the principal rationales for the creation of LIRNE.NET in 2000, and then LIRNEasia in 2004, was to counter the tendency to transplant policy and regulatory thinking unchanged from the developed market economies into the developing world. But that never meant that we should ignore theoretical developments and policy/regulatory innovations just because they emerged in the developed market economies. It is my firm belief that theory is universal. But the application of abstract theory to concrete circumstances must always involve deep interrogation of local context and will almost always requires adaptation and innovation.