SpaceX - Private Space Company - Page 10
Daishain, I don't even think an organisation needs to be set up to incentivise cleaning that junk. The cost of reaching orbit means all resources already up there have greater value than they do on earth. The challenge is recycling and manufacturing, or even maintenance while up there. That'll also enable asteroid mining as an economical venture. A shorter-term solution currently being explored (And held back by actual policy-makers being slow) is to set up a governing body to charge rent in Low Earth Orbit. Geostationary Earth Orbit already has International Telecommunications Union in charge and slots are divided evenly across nations - some nations sell them on to others.
Back on the topic of SpaceX's comsats, it's a huge risk as there's already plenty of competition and the unavoidable delay thanks to the speed of light of about 10ms. That's a long time when it comes to handshaking in communications. Compounded with electronic errors caused by the radiation in space, well those engineers have plenty of work cut out for them. It's certainly possible, otherwise Musk wouldn't go for it.