> we should consider that the time has come to revive the country’s traditional approach to monopoly. Since the Reagan era, antitrust law has operated under the principle that monopoly is not a problem so long as it doesn’t result in higher prices for consumers. Under that framework, Facebook and Google have been allowed to dominate several industries—not just search and social media but also email, video, photos, and digital ad sales, among others—increasing their monopolies by buying potential rivals like YouTube and Instagram. While superficially appealing, this approach ignores costs that don’t show up in a price tag. Addiction to Facebook, YouTube, and other platforms has a cost. Election manipulation has a cost. Reduced innovation and shrinkage of the entrepreneurial economy has a cost. All of these costs are evident today. We can quantify them well enough to appreciate that the costs to consumers of concentration on the internet are unacceptably high.
With the current deck of politicians, it is highly unlikely that anything will be done to address this
Hyper-restrictive copyright and network access laws (coupled with aggressive interpretations a la the RAM Copy Doctrine) are the key overlooked components that have allowed the net to devolve into a giant AOL-Keyword-ized walled garden.
Fix these laws (which doesn't necessarily mean abandoning their core concepts) and the floodgates will open with fresh competition. This is never discussed because these legal mechanisms undergird a massive part of the tech and media industries. It is better to fix the anti-competitive mechanisms at the source than to use the anti-trust kludge to break down people who have simply exploited them too well.
Underlying driver for this is that an unregulated market favours economies of scale and network effects and therefore trends towards monopolies. This is particularly pronounced and accelerated on digital platforms.
With the current deck of politicians, it is highly unlikely that anything will be done to address this