Report highlights the fact that the tech monopolies are collectively killing innovation and entrepreneurship in the U.S. economy, contrary to the image they paint of themselves being constantly on the cutting edge. With nearly total market domination, the four monopolies now control what Congressional staffers called “the infrastructure of the digital age,” which they use to squeeze out competitors and become even more dominant. Antitrust regulators, meanwhile, were criticized for failing to properly vet mergers and acquisitions as required under U.S. anti-monopoly law.
MONOPOLIES IN CAPITALISM
Empire of High Technology: Amazon, Apple, Google, Facebook Achieve ‘Monopoly Power’
C. J. Atkins
People’s World | October 07, 2020
A new report from the House Judiciary Committee says that the four digital giants Amazon, Facebook, Apple, and Google have achieved ‘monopoly power’ in their industries and should be broken up. Here, people participate in a giant game of Monopoly at an event in 2013. | Rick Rycroft / AP
In the middle of the last century, Marxist economist Victor Perlo described the U.S. economy as an “empire of high finance.” If he were writing today, he’d probably update his assessment to say U.S. capitalism has also become an “empire of high technology.”
The U.S. House Judiciary subcommittee on antitrust essentially dances around that conclusion in a new 450-page report released Oct. 6 which declares that the digital giants Amazon, Facebook, Apple, and Alphabet (Google)…
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