Virtual Monopoly

“The internet has allowed the creation of a new style of monopoly. Nobody escapes the pull of these dominant firms, which have the power to pick winners and losers, in both the economy and the realm of information. The long, familiar list of complaints about the tech giants was distilled to its most essential element—the danger that concentrated market power poses to competitive capitalism and democracy.” Franklin Foer in The Atlantic: The Tech Giants Are Dangerous, and Congress Knows It.

+ WaPo: Amazon, Apple, Facebook and Google grilled on Capitol Hill over their market power. From Rep. David N. Cicilline: “Our founders would not bow before a king. Nor should we bow before the emperors of the online economy.” (I love the sound of that. But if they turned off your email, cut off your friends, stopped entertaining you, and delayed your package, I’m guessing you’d bow…)