US presidential candidates Bernie Sanders and Elizabeth Warren are right to call for stronger action to rein in powerful tech companies like ...
ITHACA, New York: The Internet was once hailed as a powerful democratising force – enabling innovative start-ups to compete with established businesses, disrupt entire industries, and create new ones.AdvertisementFar from levelling the playing field, Big Tech now largely owns it, and rather than democratising the economy, the Internet has ended up exacerbating the world’s inequality problem.
As labour’s share of income declines, capital’s share increases – trends that benefit the wealthy above all.Given the power of major tech companies to stifle competition, reversing these trends will require government intervention. And, indeed, taming Big Tech has become a major issue ahead of the 2020 presidential election in the United States.
Walras visualised an auctioneer responsible for bringing buyers and sellers together and adjusting prices until market equilibrium – when aggregate demand for each good equals aggregate supply – is achieved. They know that they need only reach the point where they can reap the benefits of economies of scale, bringing enough buyers and sellers to the “auction” to make search, information, and transaction costs plummet.
It is worth noting one other potential barrier to using antitrust laws to break up Big Tech. In the US, at least, such laws have focused primarily on protecting consumers. This could be achieved, say, with regulations that require platforms over a certain size to disperse shares to a large number of individuals and also to funds dedicated to providing domestic and global public goods.
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