Big Tech Monopoly - Effects, Desirability and Viable Regulations

Abstract

When a few companies hold all the power in an industry, it gives them control overthe pricing of the products, immense financial reserves and the power to curb newcomers in the industry. This allows them to collect and use customer data for digital marketing which undermines the privacy of the customers. The effects of a monopoly have economic implications that may or may not be favorable.There are no universally accepted strategies on regulating them as committees in-charge of decision making(European union, US politicians and privacy activists) are not technically skilled enough to be able to control the misuse of power.