US Dept of Commerce Mandate
OK... so ICANN is in place at the behest and authorization of the US Dept of Commerce, who "inherited" the DARPA WAN that became the "Internet".
However, the "Internet" is not controlled by the US. Each and every network is owned and controlled by a corporation or academic institution. Such US-Controlled interests as France Telecom (Orange), BT, Telecom Italia, Deutsche Telekom, and China's government owned networks. Hmmm...
Does it actually control the day to day operations? Like registration of new domains, approval of MX records in DNS, etc.? Well, no... That is done by other corporations, like Verisign (virtual monopoly, actually, but only for a & j root servers) and various international registrars. Well, darn...
Does it create the standards used by all participating in the Internet? Well.... no. That would be the IETF and W3.
Hmmm... What *does* ICANN do? According to the website http://www.icann.org/tr/english.html, they give out IP addresses for domains, say how gTLD (generic Top Level Domain) and ccTLD (country code Top Level Domain) should be managed, and say how root DNS should be managed. So they are the boffins that figure out the impact of changes, how to best implement them, and recommend best practices. A buffer group for the IETF, then? All the true work was "sub contracted" out to private telecoms or dedicated-use companies *at international request* in the mid-1990's, remember?
When the Joint Project Agreement expires, the options are to renew with ICANN, or the US Gov/ment can *take back* the responsibilities and work again. If it took it back, then the US Commerce Dept has the option to lease out the responsibility to another company. This works on a continually renewing basis as the *permanent* relationship between Ofcom and BT, for example, with Ofcom responsible for regulating how things should go (in name only, perhaps for this case) and BT doing the work.
So wait a minute, you may be thinking... That's right - the US Gov'ment ultimately controls the management recommendations (not the ownership) of the telecommunications infrastructure it funded and created *within the US*. The only reason this has expanded beyond the US is because no one else had the gumption to do it themselves. And money, of course.
The "segregation of the Internet" that some claim would occur if ICANN picked up its toys and went home is already here - each country can close themselves off at will (Iran, anyone?) without word or recourse from any other country. Governments already have back-ups lines separate from the "public" Internet and would not be troubled by its working or not. The only thing that keeps it up and running in an *internconnected* fasion for you and me is the money-grubbing companies that use it for their data and the paltry (comparatively) sums paid out by me and you.