Is Big Tech About To Be Broken Up?

Is big tech about to be broken up? In case you haven't noticed, so much of our economy today is dominated by just a handful of companies, CVS, Walmart, and Walgreens control 99% of America's drugstores. AT&T, Verizon, and T-Mobile control the telecommunications industry. Delta, United, American, and Southwest control almost all domestic airline travel. So many markets are dominated by an ever-shrinking number of players, but nowhere do you see more powerful monopolies than those in big tech.

For example, Google, by itself, controls 90% of search traffic on the internet. And Amazon controls the majority of online retail in the US. But America wasn't always like this. A long time ago, we passed this thing called the Sherman Antitrust Act., and our government used that law to break up powerful companies that had a fraction of the market share and power that the tech giants enjoy today.

Unfortunately, things changed in the 1980s. Our courts decided they would no longer break up giant corporations unless the government could prove that those monopolies were making things more expensive for consumers. And that's a flawed viewpoint for many reasons. But it's particularly problematic in the age of the internet, where giant companies don't make money selling products to consumers, they use their consumers as the product.

So, companies like Google and Amazon have been free to buy out and undercut all their competitors, keep out new entrants, stifle innovation, and courts gave them a pass as long as they weren't jacking up prices. But it seems things are finally changing. Today, there are several promising federal and state lawsuits which enjoyed bipartisan support directed at breaking up companies like Google and Amazon for their anti-competitive practices.

And this is great news because a healthy, robust free market cannot exist in a society dominated by big government or big corporations. Like this video? Follow me, Ashton Cohen, on YouTube, check out my podcast, ELECTile Dysfunction, and go to GenBiz.com for more great content.

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