Quickly conceived conventional wisdom is a terrible side-effect of the age of high-speed media. Storylines develop rapidly, as news organisations chase the most clickable themes.
Subtlety and nuance about complex issues are the casualties. Take, for example, the rash of recent pieces about how, in the wake of Mark Zuckerberg’s five-hour tech support call with Congress, Washington is finally going to get serious about curbing the big tech companies known collectively as Faangs: Facebook, Amazon, Apple, Netflix and Google.
“Regulation is coming,” scream the headlines. “The Faangs are finished.” As the Financial Times’ San Francisco-based Richard Waters points out, the correction in some Faang stock prices will not stop these companies from growing.
Meanwhile, most of the regulatory “fixes” being discussed merely nip at the edges of a massive problem. Europe’s General Data Protection Regulation goes much further on privacy, of course.
But that is just the tip of the iceberg. The big tech companies exacerbate problems — from monopoly power to the need for a new tax and education system to declining faith in liberal democracy — that are not just technical. Read more from ft.com…
thumbnail courtesy of ft.com