Reining in Big Tech is key to competition and capitalism – Washington Times

OPINION:

In the Gilded Age of the late 19th and early 20th centuries, powerful elites like John Rockefeller, J.P. Morgan and Andrew Carnegie controlled oil, railroads and steel, key commercial industries that businesses big and small relied upon to engage in commerce.

With commercial power controlled by these few “robber barons,” capitalism began to become more of an oligarchy, where wealth became concentrated in the hands of the elite to the detriment of consumer prices, innovation and competition for growing enterprises around the country.

Enter Republican President Teddy Roosevelt, who began using the Sherman Act (passed in 1890) to break up Rockefeller’s Standard Oil and Morgan’s Northern Securities railroad conglomerate.

Today, the era of the Big Tech robber barons poses a far greater threat to our country than their Gilded Age predecessors. The Big Tech robber barons like Amazon, Apple, Facebook and Google are the gatekeepers of both commerce and information, giving them the…

Read Full Story: https://www.washingtontimes.com/news/2022/jun/11/reining-in-big-tech-is-key-to-competition-and-capi/

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