I understand that it may be prohibited due to the laws of "Dina D'malchusa Dina," (when and if) American law prohibits it. However, that reason aside, is there any Judaism based reason to prohibit it?
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From a Halachic standpoint I do not see why it would be Assur. Why is it any worse than a guy approaching you and trying to sell you something. Today with caller ID you can ignore the call if you want to. In addition you can always hang up on the guy, which is a lot harder to do to someone who approaches you in person.
What I think is Assur is to fax someone faxes without his permission where then you are using his ink and paper and he can't do anything about it.
Rabbi Dr. Aaron Levine has an article called "Ethical Dilemmas in the Telemarketer Industry" that appeared in Tradition 38:3 (2004); it's also a chapter of his book Moral Issues of the Marketplace in Jewish Law.
Haven't gone through it yet; if anyone would like to do so and summarize, please feel free.