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Home / Business / The end of the Laissez-Faire era of technology – Axios

The end of the Laissez-Faire era of technology – Axios



The series of major government action against major technology platforms this week cast a curtain on the era of impartial regulatory policy that shaped business.

Why It Matters: A generation of companies led by Google and Facebook, which became rich and powerful as the Fed evaded, now has to adapt to government action as a way of life. In the meantime, regulators and regulators need to figure out how to protect the public while preserving the vitality and creativity of the industry.

Making headlines:

  • On Wednesday, Facebook announced a settlement with the FTC to end a long-running consumer protection investigation and a separate deal with the SEC over disclosure issues.
  • On Wednesday afternoon, however, Facebook announced it was informed in June about a new investigation by the antitrust authorities of the FTC, which should focus on the company's core business with social networks.
  • All of this comes just a day after the Department of Justice announced its own anti-trust investigation at Big Tech. Apparently, it targets Amazon, Google, and Facebook.
  • Meanwhile, the Department of Justice is set to approve the T-Mobile Sprint deal on condition that the combined company sells Spectrum and its Boost Prepaid brand to Dish Network. [19659008] The Big Picture: These steps have multiplied as a result of a rare convergence of bipartisan dissatisfaction with Big Tech.

    • Democrats used to love Tech's innovation and idealism, and Republicans used to think they left the business alone.
    • Now the script is up for both.
    • Today, Democrats mistrust the rising power of privacy-damaging surveillance capitalism, and Republicans are of the opinion that tech platforms are biased against their conservative policies.

    Yes, bu t: Inquiries and settlements are one thing and behavioral changes a whole different one. Critics say the FTC deal with Facebook does not significantly change the way the company conducts business. Also, a $ 5 billion fine is not a significant deterrent given how much Facebook benefits from its practices.

    • Some, including recently Charlie Warzel of the New York Times, argue that the current US regulatory regime is not suitable for modern technology companies and that a new agency is needed.
    • In other circles, insiders are beginning to talk about the prospect of a comprehensive new law under the Telecommunications Act that will combine privacy and data ownership rules, antitrust protections, and content terms into one large package.
    • Given that the current Congress was not even able to launch a bill on data protection alone, one of these two scenarios would have to be long-term.

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