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A new commodity brings about a highly profitable,
fast-growing industry, 状语 urging antitrust (反垄断) regulators
to step in to check those 定语 who control its flow. A century ago,
the resource in question was oil. Now similar concerns are being
raised by the giants ( 巨头) 定语 that deal in data, the oil of the
digital age 同位语. The most valuable firms are Google, Amazon,
Facebook and Microsoft. All look unstoppable.
Such situations have led to calls 定语 for the tech giants to
be broken up. But size alone is not a crime. The giants’ success has
benefited consumers. Few want to live without search engines or a
quick delivery. 状语 Far from charging consumers high prices,
many of these services are free (users pay, in effect, by handing over
yet more data). And the appearance of new-born giants suggests that
newcomers can make waves, too.
But there is cause for concern. The internet has made data
abundant, all-present and far more valuable 宾补, changing the
nature of data and competition 状语 . Google initially used the
data collected from users to target advertising better 状语 . But
recently it has discovered that data can be turned into new services:
translation and visual recognition, to be sold to other companies 状
语. Internet companies’ control of data gives them enormous power.
So they have a “God’s eye view” of activities in their own markets
and beyond 状语.
This nature of data makes the antitrust measures of the past
宾语 less useful. Breaking up firms like Google into five small ones
would not stop remaking themselves: in time, one of them would
become great again. A rethink is required—and as a new approach
starts to become apparent, two ideas stand out.
The first is 表语 that antitrust authorities need to move
from the industrial age into the 21st century. Whe
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