In this third episode, we discussed the challenges that Big Tech confronts us with in terms of regulation. The platform economy has fundamentally changed our societies and has made more and more citizens dependent on less and less companies. Due to lobbying efforts as well as ignorance and incompetence on many policy levels, this sector has massively expanded without much government oversight. The US has started talking about splitting up Facebook, but critics warn that this is not sufficient.
Farwa Sial zoomed in on the regulatory problems and trends that intellectual monopolies and the platform economy have raised. We asked her:
- How has the lack of data regulation enabled the rise of Big Tech?
- Why are the current competition policy frameworks falling short of regulating intellectual monopolies?
- What kind of regulation do we need to regain control and empower the public domain?
Farwa Sial is a Senior Policy and Advocacy Officer in Development Finance at Eurodad and a Research Fellow at the Global Development Institute (GDI) University of Manchester. She is the steering group member of Diversifying and Decolonising Economics (D-econ) and the Association of Heterodox Economics. Her research focuses on comparative development, Industrial policy, corporations and the evolving dynamics of late-capitalism in the context of financialization and technological development.
About Crash Course Economics
Crash Course is a platform designed to open up debate on how we can move out of the current crisis and make the necessary steps towards achieving social, economic, ecological and regenerative justice.
Crash Course is inviting global experts to break down complex issues in lay terms and make them accessible to all so that we can understand how to shape our economic system for a just recovery and future.
Music credit: "Capital G" by Nine Inch Nails, "Tribal Remix" by Imnotlouis (CC BY-NC-SA 3.0 US)