When a dominant firm buys its a nascent challenger, alarm bells are supposed to ring. Yet both American and European regulators found themselves unable to find anything wrong with the takeover. ❧
Has the Everything Store become a dangerous monopoly threatening the U.S. economy?
Some time later this year, Amazon could become the first trillion-dollar company in American history. Its valuation has already doubled in the last 14 months to about $800 billion, and Jeff Bezos, its founder and CEO, is officially the richest man on the planet.
There are ways in which Amazon seems to be the greatest company in American history. It’s revolutionized the global shopping experience and expanded into media and hardware, while operating on razor-thin margins that have astonished critics. But some now consider it the modern incarnation of a railroad monopoly, a logistics behemoth using its scale to destroy competition.
So what is Amazon: brilliant, dangerous, or both? That’s the subject of the latest episode of Crazy/Genius, our new podcast on technology and culture.
To build the case for breaking up the Everything Store, I talk to Scott Galloway, a professor of marketing at NYU and an outspoken critic of big tech, and Lina Khan, a researcher at the Open Markets Institute and a leading expert on antitrust policy. Both of them encourage me to see how a company famous for low prices can still behave in an anticompetitive manner. Making the case against heavy regulation for Amazon are Rob Atkinson, the president of the Information Technology and Innovation Foundation, a tech think tank, and Michael Mandel, an economist with the Progressive Policy Institute who researches technology and e-commerce. Both encourage me to focus not only on the hidden costs of Amazon’s largeness, but also on the hidden benefits.
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EXCLUSIVE: Fox is poised to win the hot lit property in the marketplace at the moment, a giant Happy Meal that everyone wanted. Ben Affleck is attached to direct and Matt Damon to star in a true-crime story written by Jeff Maysh and published in The Daily Beast several days ago about an ex-cop who rigged the McDonald’s Monopoly game, allegedly stealing over $24 million and sharing it with an unsavory group of co-conspirators who offered kickbacks to the mastermind. The Pearl Street partners will produce with David Klawans, latter of whom got rights to the article and was exec veep on the Affleck-directed Best Picture Oscar winner Argo. Deadpool scribes Paul Wernick & Rhett Reese will write the script. Deal was a $350,000 option against $1 million if the film gets made. Affleck, Damon and the screenwriters get paid a lot more than that.
📖 Read Loc 261-443 of 6508 of The Master Switch: The Rise and Fall of Information Empires by Tim Wu
The section here on the election of Rutherford B. Hayes as president with significant help by the communication incumbent (Western Union) of the time sounds eerily like the influence which Facebook likely had on the election of Donald J. Trump. The more I read this the more I’m scared and can’t wait for yet another disruption of communication technology.Syndicated copies to: