Steve Bannon is the White House Chief Strategist for President Donald Trump. Things that Mr. Bannon expresses an interest in can be assumed to have at least minimum approval from the President. For a long time now there has been a grumbling across the nation of the immense power that Google and Facebook are exerting over the nations, both socially and financially. What is a natural monopoly? Wikipedia says:
Natural monopolies arise where the largest supplier in an industry, often the first supplier in a market, has an overwhelming cost advantage over other actual or potential competitors; this tends to be the case in industries where fixed costs predominate, creating economies of scale that are large in relation to the size of the market …
As an example, banks and utilities have been natural monopolies and were broken up and/or regulated by the government. Do you think Google and Facebook are too powerful and should be regulated? Read on!
As Written By Lucas Nolan for Breitbart:
White House Chief Strategist Steve Bannon reportedly is calling for regulation on tech giants such as Google and Facebook.
The Intercept reports that former Breitbart News Executive Chairman and current White House Chief Strategist Steve Bannon has called for tech companies such as Google and Facebook to be regulated in a similar way to public utilities as the influence and reach of these companies grows. The Intercept cited three anonymous sources that have reportedly discussed the issue of internet regulation and tech companies with Bannon.
Bannon reportedly stated that companies such as Google and Facebook have become so essential to the internet and to the everyday life of many U.S. citizens that they should be regulated as a natural monopoly. Bannon’s position is becoming an increasingly popular one amongst tech experts. Jonathan Taplin, the author of Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy, recently claimed that tech companies like Google and Facebook have become too big and may need to be broken up.
Google and Facebook have been dominating the online advertising industry in recent years, with analysis company Pivotal Research reporting recently that Google and Facebook combined accounted for 99% of all online ad industry growth …….
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