advertisement
FYI

Elizabeth Warren's Takes On Tech Titans With Anti-Trust Manifesto

The following is excerpted from Presidential candidate Elizabeth Warren's proposal to break up Amazon, Google, and Facebook, as posted F

Elizabeth Warren's Takes On Tech Titans With Anti-Trust Manifesto

By External Source

The following is excerpted from Presidential candidate Elizabeth Warren's proposal to break up Amazon, Google, and Facebook, as posted Friday, March 8 on the Medium publishing platform.


America’s big tech companies provide valuable products but also wield enormous power over our digital lives. Nearly half of all e-commerce goes through Amazon. More than 70% of all Internet traffic goes through sites owned or operated by Google or Facebook.

As these companies have grown larger and more powerful, they have used their resources and control over the way we use the Internet to squash small businesses and innovation, and substitute their own financial interests for the broader interests of the American people. To restore the balance of power in our democracy, to promote competition, and to ensure that the next generation of technology innovation is as vibrant as the last, it’s time to break up our biggest tech companies.

advertisement

America’s big tech companies have achieved their level of dominance in part based on two strategies:

  • Using Mergers to Limit Competition. Facebook has purchased potential competitors Instagram and WhatsApp. Amazon has used its immense market power to force smaller competitors like Diapers.com to sell at a discounted rate.Google has snapped up the mapping company Waze and the ad company DoubleClick. Rather than blocking these transactions for their negative long-term effects on competition and innovation, government regulators have waved them through.

  • Using Proprietary Marketplaces to Limit Competition. Many big tech companies own a marketplace — where buyers and sellers transact — while also participating in the marketplace. This can create a conflict of interest that undermines competition. Amazon crushes small companies by copying the goods they sell on the Amazon Marketplace and then selling its own branded version. Google allegedly snuffed out a competing small search engine by demoting its content on its search algorithm, and it has favored its own restaurant ratings over those of Yelp.

    advertisement

Weak antitrust enforcement has led to a dramatic reduction in competition and innovation in the tech sector. Venture capitalists are now hesitant to fund new startups to compete with these big tech companies because it’s so easy for the big companies to either snap up growing competitors or drive them out of business. The number of tech startups has slumped, there are fewer high-growth young firms typical of the tech industry, and first financing rounds for tech startups have declined 22% since 2012.

With fewer competitors entering the market, the big tech companies do not have to compete as aggressively in key areas like protecting our privacy. And some of these companies have grown so powerful that they can bully cities and states into showering them with massive taxpayer handouts in exchange for doing business, and can act — in the words of Mark Zuckerberg — “more like a government than a traditional company.”

We must ensure that today’s tech giants do not crowd out potential competitors, smother the next generation of great tech companies, and wield so much power that they can undermine our democracy.

advertisement

advertisement
Diljit Dosanjh photographed by Lane Dorsey on July 15 in Toronto. Styling by Alecia Brissett.

Diljit Dosanjh photographed by Lane Dorsey on July 15 in Toronto. Styling by Alecia Brissett. On Diljit: EYTYS jacket, Levi's jeans.

Music

Diljit Dosanjh Has Arrived: The Rise of a Global Star

The first time the Punjabi singer and actor came to Canada, he vowed to play at a stadium. With the Dil-Luminati Tour in 2024, he made it happen – setting a record in the process. As part of Billboard's Global No. 1s series, Dosanjh talks about his meteoric rise and his history-making year.

Throughout his history-making Dil-Luminati Tour, Diljit Dosanjh has a line that he’s repeated proudly on stage, “Punjabi Aa Gaye Oye” – or, “The Punjabis have arrived!”

The slogan has recognized not just the strides made by Diljit, but the doors his astounding success has opened for Punjabi music and culture.

keep readingShow less
advertisement