Hitting the Books: US regulators are losing the fight against Big Tech
, argue passionately against the data-hoarding practices of today's biggest tech companies and call for a more open, equitable means of accessing the information that these companies have amassed. One such method, explored in the excerpt below, involves addressing Big Tech's monopoly power directly, as the Biden administration has in recent years, though the efforts have not been particularly effective.
Not just antitrust experts serving in government like Tim Wu and Lina Khan fear that the monopolistic structure of American tech dominance could turn into its Achilles heel. Think tanks and advocacy groups on both left and right have been joining the critics.
Despite renewed resolve by the Biden administration to get serious against Big Tech overreach, substantial change still seems elusive in the United States. In contrast, European antitrust authorities have been far more active. The billion-dollar fines lobbed at US Big Tech by Commissioner Vestager’s team surely sound impressive. But, as we mentioned, most of them were reduced on appeal to an amount that the superstar companies with huge cash reserves and skyrocketing profits could easily afford.
To tackle the structural advantage, we have to remember Schumpeter. Schumpeter’s nightmare was that the capacity for innovation would become concentrated within a few large companies. This would lead to a downward spiral of innovation, as major players have less incentive to be disruptive and far more reason to enjoy market power.
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