'Big tech' faces tighter EU and US competition rules
Tuesday, August 28, 2018
Subject
Anti-trust action against technology firms in Europe and the United States.
Significance
The European Commission fined Google 4.34 billion euros (5.1 billion dollars) in mid-July, for abusing its market power in the mobile internet sector. The move has prompted criticism in the United States and underlines the different approaches adopted towards the technology sector by their respective anti-trust regulators.
Impacts
- The relative lack of large European technology firms will help enable tough moves on US tech firms by the Commission.
- Emerging markets, such as India, will also soon begin to crack down on the near-monopolies of 'big tech'.
- Rising inequality and wage stagnation will increase the public pressure for regulatory tightening.
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