Big Tech as the New Predatory Capitalism

Big Tech has become corrupted with the immense power it wields, and there is growing awareness of the side effects of this phenomenon. I am personally a little too pedantic to agree with all of the article here, but it is definitely the type of analysis worth linking to in an era where corporations such as Google and Facebook are largely unregulated monopolies.

The five largest global corporations by market value are the five tech firms named above. Google has near-total dominance of the search market. Facebook welcomes two billion monthly users and manages six of the top ten social media apps globally. Amazon controls nearly half of e-commerce and over two-thirds of the emerging voice-activated digital assistant market. Apple and Google share control of the operating systems for mobile phones and tablet gadgets; add Microsoft and Amazon and you’ve covered virtually all electronic computing devices. Facebook and Google dominate digital advertising. Amazon is increasingly the only player for cloud services.

[…]

The effects of tech monopolization have been detailed, at book length, over the past year (see companion book review essay by K. Sabeel Rahman, page 104). We already know these firms have crippled entrepreneurship, by either buying out competitors or copying their features and using overwhelming market share to destroy them—tactics that would be familiar to the authors of the Sherman and Clayton antitrust acts. We already know they’ve concentrated economic gains in a few small enclaves, leaving large swathes of the country behind. We already know they religiously avoid taxes and cut special deals with intimidated public officials, burdening the rest of society. We already know their surveillance capabilities rival any in history, handing over a comprehensive profile of your every waking moment for advertisers and behaviorists to exploit. We already know the addictive qualities of their products have undermined social relationships, expanded divisiveness, and transformed what it means to be human. We already know their drive for profits ignores how their platforms can be weaponized, scarring millions and undermining democracy.