Intellectual monopoly capitalism—challenge of our times – by Cédric Durand and Cecilia Rikap

Scientia potentia est—knowledge is power. The old adage has acquired a sinister connotation with the alarming dominance of Big Tech in the economy and society as a whole. Corporate Europe Observatory recently revealed that the sector is now by far the leading business lobbyist of European Union institutions.

But this is only the tip of the Iceberg of what the Italian economist Ugo Pagano calls ‘intellectual monopoly capitalism’. Knowledge, which should be a (non-rival, non-exclusive) public good, has been privately appropriated by top companies as capital: the share of intangible assets among S&P 500 corporations increased from 17 per cent in 1975 to 90 per cent in 2020.

Intellectual monopoly capitalism—challenge of our times – Cédric Durand and Cecilia Rikap

Digital Nationalism: We’re entering the age of ‘digital nationalism’ — and this will only benefit big tech

The massive digital platform market has until recently been dominated by a handful of US-based companies such as Facebook and Google. However, as foreign governments and competing platforms try to erode this domination, platforms are becoming a new sphere of geopolitical manoeuvring.

The European Union wants to gain more control over international tech companies and achieve more independence in the digital arena. India has banned 177 Chinese apps on the grounds they are “prejudicial to the sovereignty and integrity of India”.

And in 2020, the then US President Donald Trump spent months attempting to ban the Chinese-made video-sharing platform TikTok or force its sale to an American owner. While some claimed Trump was piqued by a supposed prank against him by teenage TikTok users, a look at statements from US government officials over the course of the year shows geopolitical concerns were the main driver.

Read more at: We’re entering the age of ‘digital nationalism’ — and this will only benefit big tech

Big Tech Under Scrutiny: Big Tech painted as the railroad barons of the digital age in antitrust hearing - by Therese Poletti

Jeff Bezos

For the most part — if you could tune out the political grandstanding that had nothing to do with antitrust — Wednesday’s congressional hearing on Big Tech gave many pointed examples of how four of the biggest tech companies in the U.S. abuse their dominant power and thwart competition.

What happens next will be in the hands of  US Goverment agencies. And while after Wednesday’s hearing it seems Alphabet may be most in jeopardy, the other companies should not relax. None of Big Tech made a very good showing Wednesday.

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Big Tech painted as the railroad barons of the digital age in antitrust hearing - MarketWatch

USA - Big Tech: Breaking up big tech companies like Amazon and Google is really popular, poll shows

Americans are pretty on board with breaking up Big Tech, especially if it means companies such as Amazon and Google stop showing them search results they make money off of first.

Nearly two-thirds of Americans would support breaking up tech firms by undoing recent mergers, such as Facebook’s acquisition of Instagram, if it means ensuring more competition in the future.

Read more at: Breaking up big tech companies like Amazon and Google is really popular, poll shows - Vox

Big Tech and the Rise of Surveillance Capitalism - by Mark Kernan

Read more at: 

https://www.counterpunch.org/2019/05/06/big-tech-and-the-rise-of-surveillance-capitalism/