The Controversial Monopoly Power of Tech Giants
A few nights ago, I watched the documentary 'The Rise of the Mega-Corporations,' [2] and I was startled by the immense power that technology companies wield and the need for them to exercise responsibility. In this article, I will share my thoughts about the increasing power of technology companies.
It is abundantly clear that technology companies have a significant impact on our daily lives. How they utilize our data can influence the types of advertisements we see, which, in turn, affects our spending habits. Furthermore, whether they employ AI for our benefit or their own can potentially impact the availability of jobs.
The list of concerns goes on, but here are some key areas of contention:
App Success
Outside of China, Apple and Google control over 95 percent of the app store market share through iOS and Android. You can imagine that a new app developer may feel compelled to list their app on either the App Store or Play Store. However, this choice comes with limited negotiating power. These monopolies determine which apps can remain and which can be removed, based on their quality standards. Does this provide small, emerging app developers with a fair chance?
Vast Resources
Technology mega-corporations possess more wealth than some countries. They have substantial financial resources at their disposal, enabling investments in cutting-edge technology, research, and development. They can drive technological advancements that benefit society, promote economic progress, and enhance our quality of life. However, their legal resources are also heavily invested, especially when compared to government legal resources. This places significant legal decisions in the hands of profit-motivated individuals, rather than impartial government bodies, as the latter lacks the resources to engage in equitable legal battles. Are we comfortable with the notion that governing bodies are gradually losing control over the technology industry? What entity is responsible for ensuring that mega-corporations do not overpower the political systems in place?
Lack of Diversity
The dominance of tech companies is undeniable. However, only 26% of the tech industry's workforce comprises women. This means that merely 26% of the decisions that shape our lives involve female perspectives. Ethnic minorities and disabled groups also face underrepresentation within the tech workforce. Moreover, developing countries, with varying technology needs, are sometimes excluded from the conversation or consideration altogether. The technology divide has the potential to exacerbate global inequalities, with long-term structural consequences. On a brighter note, numerous initiatives are underway to bridge this divide.
Final Comments
While tech giants undoubtedly bring convenience, innovation, and global connectivity, they also raise concerns about monopolistic practices, profit-driven motives, and the potential exacerbation of inequalities due to a lack of diversity in their workforce. In contrast, governing officials stand to lose their power and regulatory control.
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However, it is crucial to acknowledge that governing bodies are not without their flaws, as they can be plagued by inefficiencies, biases, and other challenges. Paradoxically, despite their profit-oriented nature, mega-corporations may sometimes serve the broader community more effectively than government bodies. Equipped with substantial resources and often driven by a customer-centric approach, these companies frequently invest significantly in areas of mutual interest, such as environmental initiatives and diversity and inclusion efforts.
In conclusion, addressing the monopoly power of mega-corporations necessitates a nuanced approach. While governing officials may aspire to regain control over these entities, they must also make substantial investments in technology infrastructure and seek to understand the evolving technological landscape. After all, effective governance requires a comprehensive understanding of the forces at play in the digital age.
References and Further Reading