Radio spectrum for commercial mobile services continues to be scarce. Countries around the world have recognized the importance of efficient utilization of this scarce resource and have initiated regulatory and policy steps towards flexible approaches to spectrum management, including sharing of licensed spectrum, and releasing unlicensed spectrum for mobile services. Technologies for shared access and the associated standardization activities have also progressed towards possible large scale deployments. In this paper, we analyze the evolution of spectrum management policies using a causal model and indicate how the markets can lock in to either centralized or flexible approach. We also cite a use case of a flexible spectrum management approach using spectrum band fill option and indicate its suitability to the Indian context.