Llewellyn King: Huge Tech ought to be left alone whereas it’s nonetheless creating | Columnists
LLEWELLYN KING InsideSources
When it comes to inventions, we haven’t seen anything yet.
Chances are, and getting better, that our world will essentially reinvent itself in the year ahead and in the years thereafter. This revolution is already underway, but as with most advances, there are political challenges.
Congress needs restraint in dealing with the technological revolution and must not dust off old cartel law. Given the growing ingenuity we see across the creative spectrum today – ingenuity that brought us Amazon, Tesla, Uber, Zoom, 3D printing and, in a short space of time, a COVID-19 vaccine – you may be wondering why those Government applies antitrust laws to try to separate two tech giants.
Conservatives consider large social media companies to be unfair to them. Liberals worry about the financial strength of big tech companies: the five largest have a market value of over $ 7 trillion.
The Justice Department has filed an antitrust lawsuit against Google, and the Federal Trade Commission has filed a lawsuit against Facebook.
The only tools out there are outdated, anti-competitive laws – some were passed over a century ago. At some point in the future it may be desirable to dismantle big tech companies, but not when they adopt new technologies and entirely new concepts like autonomous vehicles and drone deliveries.