: US lawmakers who want to break up big tech have bought into these four myths #IndiaNEWS Big tech is back in the spotlight.The chief executives of Amazon, Apple, Facebook and Google testified before

US lawmakers who want to break up big tech have bought into these four myths #IndiaNEWS
Big tech is back in the spotlight.The chief executives of Amazon, Apple, Facebook and Google testified before Congress on July 29 to defend their market dominance from accusations they’re stifling rivals. Lawmakers and regulators are increasingly talking about antitrust action and possibly breaking the companies up into smaller pieces.I study the effects of digital technologies on lives and livelihoods across 90 countries. I believe advocates of breaking up big technology companies, as well as opponents, are both falling prey to some serious myths and misconceptions.Myth 1: Comparing Google with Standard OilArguments for and against antitrust action often use earlier cases as reference points. The massive 19th-century monopoly Standard Oil, for example, has been referred to as the “Google of its day.??? There are also people who are recalling the 1990s antitrust case against Microsoft.Those cases may seem similar to today’s situation, but this era is different in one crucial way: the global technology marketplace.Currently, there are two “big tech??? clusters. One is in the United States, dominated by Google, Amazon, Facebook and Apple. The other is in China, dominated by Baidu, Alibaba, Tencent, Huawei and TikTok-maker ByteDance.This global market is subject to very different political and policy pressures than regulators faced when dealing with Standard Oil and Microsoft. For example, the Chinese government has blocked most of the US companies from entering its market. And the US government has done...Read more

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