by Peter Schiff, Schiff Gold:
Tech companies have revolutionized the modern age, allowing for transcontinental communication, instant access to information, and unprecedented connectivity between people worldwide. But this revolution has come at a cost; these companies have undue influence over our lives, possessing the capability to shape public discourse, consumer behavior, and even political outcomes.
The scale of Big Tech’s market dominance is staggering. Google controls 81% of all general searches and Meta’s Facebook, Instagram, and WhatsApp collectively boast 3.27 billion daily active users. Amazon commands almost 50% of all U.S. e-commerce. These figures demonstrate how a handful of companies can wield unprecedented power over our digital lives.
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This concentration of power allows Big Tech firms to design markets in ways that benefit themselves and stifle competition. It can result in higher prices for consumers and reduced innovation as smaller competitors are squeezed out.
The impact of this monopolistic control extends beyond economic concerns to the sanctity of our democratic discourse. As these platforms have become the de facto public squares of the digital age, their content moderation policies and algorithmic decision-making wield enormous influence over what information reaches the public.
Big Tech’s selective censorship has become increasingly apparent, with conservative voices often bearing the brunt of content moderation. In 2020, a New York Post exposé on Hunter Biden’s laptop was suppressed on both Twitter and Facebook. After the first Trump assassination attempt, Google intentionally omitted search results which referenced the attack, despite providing suggestions for historical assassination attempts on other presidents. These incidents highlight the growing concern over Big Tech’s power to shape public discourse through selective content moderation
At the core of this issue lies Section 230 of the Communications Decency Act of 1996, which shields interactive computer services from liability for content posted by users. While originally intended to promote free speech online, this provision has become a double-edged sword. It allows platforms to avoid responsibility for harmful or false content while simultaneously giving them broad discretion to censor or promote content as they see fit.
This legal framework has created a situation where Big Tech companies enjoy the benefits of both publisher and platform status without the corresponding responsibilities of either. They can curate content to maximize engagement and profits while avoiding accountability for the societal impacts of their decisions.
