Every week, their shares reach new highs, soaring to levels never seen by any other company in history.Ī stunning 30% of the entire world’s gross economic output flows through or is controlled by just these four firms and a small handful of others. But with the explosive growth that tech companies have enjoyed thanks to the COVID-19 pandemic, their valuation is a moving target. Taken together, the four online platforms had a combined valuation of more than $5 trillion as of September this year. Testimony from CEOs Jeff Bezos (Amazon), Mark Zuckerberg (Facebook), Tim Cook (Apple), and Sundar Pichai (Alphabet/Google) was characterized as “evasive and non-responsive,” which the subcommittee said raised fresh questions about whether the tech titans “believe they are beyond the reach of democratic oversight.” The report presents extensive evidence concerning the extent to which the companies “have exploited, entrenched, and expanded their power over digital markets in anticompetitive and abusive ways.” The indictment of Big Tech is the product of a 16-month-long investigation that surveyed over a million documents, conducted dozens of interviews, and held seven hearings. The report recommends a range of reforms, including breaking up the tech conglomerates. 6 which declares that the digital giants Amazon, Facebook, Apple, and Alphabet (Google) have achieved “monopoly power” in a variety of sectors. House Judiciary subcommittee on antitrust essentially dances around that conclusion in a new 450-page report released Oct. capitalism has also become an “empire of high technology.”
MONOPOLY EMPIRE AMAZON UPDATE
economy as an “ empire of high finance.” If he were writing today, he’d probably update his assessment to say U.S. In the middle of the last century, Marxist economist Victor Perlo described the U.S. Here, people participate in a giant game of Monopoly at an event in 2013.
A new report from the House Judiciary Committee says that the four digital giants Amazon, Facebook, Apple, and Google have achieved 'monopoly power' in their industries and should be broken up.
0 kommentar(er)
