by Madeleine Kando

Tim Wu, author of ‘The Curse of Bigness: Antitrust in the New Gilded Age” calls our time the ‘new Gilded Age’ and warns that when you allow the private sector to acquire excessive power, the power of the people and their representative government is being undermined.
In his new book, Tim Wu - also known for his strong advocacy for Net Neutrality - makes a compelling argument for the necessity of breaking up the Tech Giants. He sees no difference between Big Tech and the industrial giants of the Gilded Age. Monopolists like the Rockefellers (oil), the Carnegies (steel) and J.P. Morgans (railroad), saw themselves as pioneers in a progressive movement. They believed in social Darwinism, the survival of the fittest and were quite comfortable with the notion that smaller companies deserved to die. The US did lead the world in industry and innovation but laissez-faire government policies created a huge gap between the wealthy and the workers, not unlike today.
We have fallen prey to the charms of tech giants like Facebook and Google, who play down the allure of profit-making while talking a lot about how much value and “connection” they bring to the public. They portray themselves as striving to build a better future, but are in fact, the Robber Barons of today.
Busting up big businesses into smaller parts was once an American tradition, proof that we value competition in our economic system. In the trust-busting days of Teddy Roosevelt, antitrust laws functioned as a check on private power, a safeguard against a widening income gap and of corporations subverting electoral politics. Read more...







