From Troy Wolverton in Business Insider: Facebook, Google, Apple, and Amazon have too much power — so it’s time for regulators to take on tech’s titans.
Their power is having negative effects in a wide range of areas. Facebook’s and Google’s duopoly control of digital advertising is helping to kill off much of the publishing industry. Facebook’s unprecedented scale and the sheer amount of data it has on its users have made it a target for propaganda artists seeking to influence national elections.
At the same time, Amazon’s growing market dominance is undermining the traditional brick-and-mortar retail industry. Apple is siphoning off nearly all of the profits in the smartphone industry, hindering other companies’ ability to innovate or compete.
My take: Where to start? Apple doesn’t destroy jobs, it creates them—by the hundreds of thousands. It doesn’t hollow out shopping malls, it attracts foot traffic wherever it opens a store. And if the Androids don’t like competing in the smartphone industry Apple created, who’s to blame for that?