Big Tech and the Digital Economy
The Moligopoly Scenario
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Product details:
- Edition number 1
- Publisher OUP Oxford
- Date of Publication 8 October 2020
- ISBN 9780198837701
- Binding Hardback
- No. of pages320 pages
- Size 243x163x24 mm
- Weight 620 g
- Language English 324
Categories
Short description:
This book offers a holistic and interdisciplinary account of competition dynamics in the digital economy. It argues that mainstream competition theory and policy are demonstrably inadequate when faced with the nature and intensity of the multi-dimensional rivalry between technology firms such as Google, Microsoft, Apple, Facebook, and Amazon.
MoreLong description:
This book asks a simple question: are the tech giants monopolies? In the current environment of suspicion towards the major technology companies as a result of concerns about their power and influence, it has become commonplace to talk of Google, Facebook, Amazon, Apple, Microsoft, or Netflix as the modern day version of the 19th century trusts. In turn, the tech giants are vilified for a whole range of monopoly harms towards consumers, workers and even the democratic process. In the US and the EU, antitrust, and regulatory reform is on the way.
Using economics, business and management science as well legal reasoning, this book offers a new perspective on big tech. It builds a theory of "moligopoly". The theory advances that the tech giants, or at least some of them, coexist both as monopolies and oligopoly firms that compete against each other in an environment of substantial uncertainty and economic dynamism.
With this, the book assesses ongoing antitrust and regulatory policy efforts. It demonstrates that it is counterproductive to pursue policies that introduce more rivalry in moligopoly markets subject to technological discontinuities. And that non-economic harms like privacy violations, fake news, or hate speech are difficult issues that belong to the realm of regulation, not antimonopoly remediation.
Petit makes innovative use of securities filings and other business documents to substantiate his hypothesis, and in the process paints a vivid and gripping picture of the different cultures and business models of the six Big Tech companies he focuses on.
Table of Contents:
Introduction
Policy Conversation on Big Tech
The "Moligopoly" Hypothesis
Economics of Big Tech: Monopoly V Uncertainty
A Concrete Theory of Moligopoly
Antitrust in Moligopoly Markets
Big Tech's Novel Harms: Antitrust or Regulation?
Conclusion
Big Tech and the Digital Economy: The Moligopoly Scenario
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