American Biggest Tech Companies Accused Of Monopoly Power
Counter Measures Against These Firms By Democratic Lawmakers Are A Little Bit Severe
A recent report has emerged which has been backed by the Democratic legislative body advising to form some changes which could potentially lead towards the disintegration of some of the top tech companies in the United States with high monopoly power. Before making this recommendation, a sixteen-month-long investigation has been held in corporations, including Apple, Facebook, Amazon, and Google.
According to the Democratic lawmaker working on this case, these top-tier tech companies have too much power, and this escalating monopoly power should be reined and controlled.
The Republicans involved in this case regarding monopoly power are not in complete agreement with these recommendations. In one statement by a Republic senator Jim Jordan, he dismissed the reports, stating that it is a supportive report of the case, and it could also increase the drastic proposals which could modify the antitrust law in the visualization of the far left.
Other individuals have stated that they are in support of the conclusions in the report regarding the tech corporation’s anti-competitive strategies, but the counter measure proposed by the Democratic Party is too excessive.
Republican Ken Buck stated that the enforcement of antitrust policy in large scale industries with monopoly power is not a partisan issue. He would like to target the anti-trust enforcement policy on the largest tech firms over their burdensome and onerous regulations as compared to reduce the innovation of those companies.
In the past recent years, multiple American-based tech firms have faced an escalating amount of scrutiny and inspection from Washington due to their increasing size and power across the world. This latest investigation that is being held by the House Judiciary Committee is one of the several probe companies faced by corporations like Apple and Facebook.
A complete, thorough report comprising of 499 pages, which has been written by the committee staff, has accused renowned tech firms with monopoly power of charging an increased amount of fee, which has lead to forcing small consumers to sign contracts that are in unfavorable conditions to them. The firms are also using executioner acquisitions to stagger other rival companies.
In simple words, corporations that were in small scales with inconsistent startups that have also challenged the status quo have now been able to turn into the kind of monopoly powers that we have seen during the period of railroad tycoons and oil barons. The conclusive findings should be able to prompt American politicians to consider revision and changes in the country.
The changes could potentially include stronger law enforcement over the existing monopoly power corporation competition, along with changes which could limit the regions in which the corporation might do business or completely prevent the firms from working their operations in those areas where they have become the leading power to provide a through infrastructure. An example of this is Amazon, which works as both a marketplace and a trusted seller for other merchants.
Response from tech firms
The head directors of the leading tech corporations have defended their actions regarding monopoly power in a testimony which was taken in July in front of the entire committee. On Tuesday, the tech business corporation Amazon has hit back over at the fringe impression of competition law, also known as anti-trust law. The firms stated in a blog post that they had provided the third party sellers the opportunity to sell their products alongside other retail items, in a competitive environment, which also provides additional benefits to the customers, making this marketplace as the most successful setup for the third-party sellers.
In response to the case report for monopoly power, Facebook gave a statement stating that Applications like WhatsApp and Instagram have now reached a new level of heights of achievement after Facebook has invested billions of money on their business.