One month after the House Judiciary Committee voted to advance five bipartisan bills that would force Amazon, Apple, Microsoft, Facebook, and Google to split up or walk away from core businesses, Republican committee members introduced new legislation to give Americans legal recourse against online censorship bycompanies. The more conservative-driven policy measures also propose greater transparency into content moderation practices by .
This sparring between lawmakers on regulatingis not expected to end anytime soon. But as the U.S. ushers in a new era of digital transformation accelerated by the pandemic, Congress stands firmly united in believing that power must be checked to preserve the free market.
As it stands now, small competitors and consumers alike have little choice but to be tethered toto participate in today’s modern economic engine. And coming out of the pandemic, the five most prominent are growing at a breathtaking speed unseen before in the history of capitalism.
companies have come out strongly against regulation that would break up their business operations, suggesting reform would result in the loss of research and development, impractical market fragmentation, and higher service costs to consumers.
A survey commissioned by aTech companies such as Apple, Facebook, and Amazon suggests that Americans view tech regulation as a low priority for Congress. Among those listed as were the economy, public health, climate change, and infrastructure. The survey also revealed that Americans are more likely to oppose regulation if it affects offerings like free shipping on products.
Perhaps this poll and the bipartisan sentiment among elected leaders signals that after COVID-19, society has become aware of its dependency on tech giants, for better or worse. For the last 18 months, American workers have adapted to. They utilize programs run by companies to communicate with other employees, run companies, and buy groceries and essentials. This dynamic will unlikely , as many companies have announced their transition to a fully remote or hybrid work model.
This topic has raised interest among professionals, specifically those who work in the tech industry, startups, and small businesses. We at Fishbowl thought we’d ask professionals — many of whom work in the tech industry — about breaking up tech giants. Fishbowl is a social network for professionals, so conducting surveys on this and other workplace topics is a natural fit.
The survey ran from July 26-30, 2021, to determine how employees in the field feel about antitrust laws. The survey asked professionals: Do you believe antitrust legislation should be used to break upcompanies like Amazon and Google?
Eleven thousand five hundred seventy-nine verified professionals on the Fishbowl app participated in the survey and were allowed to answer either yes or no. The survey was divided into state and professional industries such as law, consulting, finance, tech, marketing, accounting, human resources, teachers, etc.
Here’s what the survey revealed:
Out of 11,579 professionals, the majority — 6,920 (59.76%) — responded yes to the survey question. Based on responses, we found that law professionals were the highest group responding in the affirmative to the survey, with 66.67%. Consulting professionals followed 61.97%, while finance (60.64%) marginally beat tech (60.03%). Conversely, teachers had the lowest percentage, with 53.49%. Human resources (55.65%), accounting (58.51%), and other professional industries (58.83%) trailed behind.
The survey’sfrom professionals in 25 U.S. states. The highest percentage responding “yes” was Colorado, with 76.83%. In second place was Washington with 73.17%, and Michigan rounded out the top three with 69.70%. Missouri (51.35%) had the lowest percentage of employees responding “yes” to splitting up . Following closely behind were Indiana (52.59%) and Massachusetts (52.83%). Overall, most of the states involved in the survey agreed that they believed antitrust legislation should break up companies.
Tech had the fourth-highest percentage of professionals agreeing that Big Tech companies should be broken up. Some benefits of breaking up Big Tech companies are more opportunities for small businesses — for a tech professional or entrepreneur, this could open up opportunities to launch new products, programs, and services. It could also add more jobs for highly skilled professionals. Second, it can reduce data privacy and national security concerns.
But some cons of breaking upcompanies include the loss of research and development — large companies provide significant funding for artificial intelligence, autonomous vehicles, wearables, robots, and more. Ultimately, breaking up companies can increase service costs for professionals and the general public.
As policymakers continue negotiating how to break up, the White House is also making moves. President recently named Khan, a professor at Columbia Law School, as chair of the FTC. A staunch critic of , Khan’s main priority is to protect the public from corporate abuse and ensure merger guidelines reflect economic realities and practical learning and enforcement. Simply put, she reviews mergers with skepticism.
And in July, Biden announced his intention to nominate Jonathan Kanter for chief of the Justice Department’s Antitrust Division. Kanter is an antitrust lawyer with over 20 years of experience who has been ain promoting solid and meaningful antitrust enforcement and competition policy. With these additional members, it is expected that there will be an aggressive approach to enforcing antitrust laws , leaving it to Congress to ensure that, moving forward, things are different.