In today’s geopolitical environment, world leaders agree on very little. But reining in Big Tech is emerging as one of the few ideas that everyone can get behind. From China to the European Union and the United States, public authorities are turning to antitrust law to curtail market power and promote fairer, more competitive economies. In the year ahead, we will likely see an even greater push for a new settlement between the markets and the state — with antitrust laws being at the heart of this effort, and large tech companies being the primary target.
The widely shared concern fuelling this development is that Big Tech has simply grown too big. For years, tech giants have battled allegations that they favour their own products in online marketplaces that they operate, abuse their privileged access to consumer data for competitive gain, and stymie competition by acquiring every firm that threatens to challenge their market position. These practices leave little choice for consumers, who are now dependent on the products and services offered by a handful of companies.
Europe leads the regulatory way