Lawmakers keen to break up ‘big tech’ like Amazon and Google need to realize the world has changed a lot since Microsoft and Standard Oil
Big tech is back in the spotlight.
The chief executives of Amazon, Apple, Facebook and Google are testifying 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 Oil
Arguments 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 ...