By T. Alexander Puutio4 minute Read
Nowhere are the effects of growing market concentration felt more acutely than in the tech sector. It’s become the poster child for monopoly in recent years.
Based on estimates, more than 90% of internet searches are conducted via Google, and over 70% of all internet referrals go through entities owned by Alphabet or Facebook. At the same time, Amazon controls more than half of both e-commerce and cloud computing, and there are virtually no mainstream alternatives to Apple’s and Microsoft’s operating systems.
There is nothing inherently wrong with monopolies, per se. In fact, they can be the most efficient way for an industry to organize itself, particularly where high capital costs or network effects make competition more trouble than it’s worth.
However, monopolies can also wreak havoc on the economy if left unchecked.
Whatever happened to “Don’t be evil”?
This is particularly true in the tech sector where dominant companies have gotten…