https://www.zerohedge.com/markets/big-tech-monopoly-pretense-capitalism
What do you call an economy of monopolies without competition or any regulatory restraints?
An economy of monopolies that control both the buying and selling in the markets they control?
Monopolies with the power to commit legalized fraud and the profits to buy political influence?
Monopolies whose black box #algorithms are all-powerful but completely opaque to public scrutiny?
Call it whatever you want, but it certainly isn’t Capitalism, which requires competition and market transparency to price capital, labor, risk, credit, goods, services, etc.
Black Box Monopoly is the death of Capitalism as it eliminates competition and market transparency.
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https://www.vox.com/recode/2019/5/3/18520703/big-tech-break-up-explained
Facebook, meanwhile, has been besieged by media complaints about privacy and fake news.
But not only do approximately a couple billion users derive daily entertainment from the free service, but the service’s sheer ubiquity makes it hard to leave.
Google, like Facebook, also uses black box algorithms to surface content to users that can dramatically sway the fortunes of individual publishers’ fates while also raising questions about editorial skew.
These are all concerns that at least could fall under the scope of American antitrust law, but mostly haven’t.
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