Finland and New Zealand share many geographic, demographic and economic similarities. Their telecommunications markets also demonstrate many similarities; but behind these superficial similarities lie important structural differences that influence market performance. By tracing the evolutionary path of each market from the nineteenth century, this paper identifies how ownership and control structures in the very early stages of market development have influenced the shape of each market today. The paper concludes that an appreciation of the different economic histories and cultures in each country’s telecommunications market is helpful for understanding subsequent industry responses to changes in regulatory processes and government policies.