top of page
  • Writer's pictureAvesta Afshari-Mehr

Regulating Big Tech: Antitrust, Competition, and Consumer Protection

We all became much too familiar with the extent of power and influence big tech corporations like Tesla after Elon Musk’s influenced coup of Bolivia to obtain easy access to the country’s lithium reserves – and how puny we all become once such power is exercised. Such horrifying incidents highlight the pressing need for effective regulation and oversight of big tech companies, with tech giants like Apple boasting wealth surpassing that of several nations combined (like Turkey, Switzerland, and Israel’s GDPs combined), it becomes clear that their unchecked power raises concerns about accountability and the potential for abuse.


And the cost of living crisis has created a fertile ground for these corporations to amass further wealth while the population suffers, by profiting off of the hardships faced by the now very vulnerable consumers. Through practices such as price gouging and wage suppression, they have profited off the sufferings of the very people who are grappling with the increasing cost of living. Not to mention how, by suppressing wages and paying preposterously low salaries that fail to keep up with inflation and rising living costs, they perpetuate a vicious cycle of financial insecurity for their employees. And what do they do when these employees fail to work properly in these awful conditions? Lay them off and continue gaining further profit!


These abhorrent exercises of power over nations (and geopolitical events), as well as exploitative practices highlight the urgent need for regulatory measures and consumer protection laws to ensure that corporations are held accountable and that the burden of the cost of living crisis is not unfairly shouldered by vulnerable individuals. And the Conservatives have failed to address this – with Sunak instead choosing to give the very corporations that are increasing their power over the HM Government and its affairs tax cuts (calculated to £36 billion by Tax Justice UK in 2022!) while they continue their profiteering that contributes nothing to the economy nor to our citizens.


Now, regulating Big Tech isn’t about stifling innovation or impeding progress; but quite the contrary – rather, it is about striking a balance between fostering innovation and safeguarding the public interest, as well as national security. And the Shadow Secretary for Digital and Culture, Lucy Powell (who oversees tech policy) has consistently expressed the dire need to regulate these Tech Giants and has suggested vital protocols for scrutinising such corporations such as through the increasing of powers to regulators like Ofcom.


We must, as a Labour government, also be working to enforce and strengthen both competition and antitrust laws, wherein we prevent monopolistic practices and promote fair competition in the tech industry. This includes closely monitoring mergers and acquisitions to ensure they do not stifle competition or harm consumer interests. And by fostering a competitive environment, governments can encourage innovation, protect consumer choice, and prevent excessive concentration of power in the hands of a couple of dominant tech companies.


And personally, I believe we should follow in the footsteps of previous US administrations who spearheaded the mission to the Moon (Kennedy and Johnson); helped develop technologies like the internet (Reagan through DARPA); and pump funding into renewable energy and smart grids (Obama). It should be governments that spearhead these advancements – as they often have the population in mind and can ensure their advancements are regulated. It shouldn’t be these tech giants, who put profit before the people!


152 views25 comments

25 Comments


brandname443
May 01

At CreativeWebo, we recognize that off-the-shelf software often falls short of meeting the unique requirements and challenges faced by businesses. That's why we specialize in crafting tailor-made android app development company in mumbai solutions that align perfectly with our clients' objectives and aspirations. Whether you're a budding startup looking to disrupt the market or an established enterprise aiming to streamline operations, our team of seasoned developers is equipped to bring your vision to life.

Like

brandname509
Apr 30

At the heart of the Bell BLBHS148 lies the latest Bluetooth 5.0 technology, ensuring a stable and reliable connection with your devices. Say goodbye to tangled wires and cumbersome setups – with this wireless neckband, you can enjoy your favorite music or take calls effortlessly, whether you're at home, in the gym, or on the move.

Like

brandname423
Apr 29

The proposed logistics park in Goa would be strategically located to leverage the state's connectivity advantages. Situated at a key junction with easy access to major highways, ports, and airports, logistics park in goa the park would serve as a central point for the movement of goods within the state and beyond. Its proximity to the Dabolim Airport and the Mormugao Port would provide seamless connectivity to both domestic and international markets, enabling businesses to efficiently import and export goods.

Like

ahrefsemrushmoz87
Feb 06

The PPC analysis tools in SEMrush are noteworthy, aiding businesses in refining their advertising strategies for optimal performance. ahrefs vs semrush versatility makes it an attractive choice for marketers looking for a single platform to address various facets of their digital marketing strategy.

Like

George
George
Dec 27, 2023

"Delve into the complex landscape of regulating Big Tech with an insightful exploration of antitrust, competition, and consumer protection. This comprehensive analysis sheds light on the challenges and opportunities in navigating the intricate intersections of technology, business, and public interest."How Much Does an Uncontested Divorce Cost in New York

How Quickly Can You Get A Divorce in New York

Like
bottom of page