In the 21st century, Facebook and Google have become essential parts of our daily lives, and these tech giants have virtually become monopolies in their respective fields but at what cost?
Is it time to regulate the tech giants? According to Steve Bannon, yes. Google and Facebook have in large part dominated the 21st century, much like railroad and phone companies have of old. The tech giants can in large part regulate, or censor, information all while turning an unrestricted profit. In other words, these enormously powerful corporations can control the flow of information, and they do. For example, in the 2016 elections, Facebook was made to fire it’s live ‘trending’ staff, and Google was caught manipulating search results both in favor of Hillary Clinton.
According to Steve Bannon, President Trump’s Chief Strategist, Facebook and Google have grown in size exponentially, and thus have become such essential parts to our lives that they need to be regulated as natural monopolies.
The debate over how much regulation internet companies receive has been renewed because of the recent Federal Communications Commission moves to repeal the Obama-era net neutrality rules.
Google has in large part played a vast role in controlling the flow of information, so much so, that even the European Union is fed up with its practices, which is why the tech giant was charged with an antitrust fine of $2.7 billion for favoring its own comparison-shopping service in its search results.
The technology companies have invaded, unfortunately so has their bias, and with that, yes Bannon, it’s time to regulate the tech giants before they regulate all of the remaining independent researchers.