Busting up big tech is popular, but here’s what the US may lose

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Facebook CEO Mark Zuckerberg testifies remotely during a House Judiciary subcommittee hearing on antitrust on Capitol Hill on Wednesday, July 29, 2020, in Washington.

Lawmakers don’t like them, but what they bring to the competition with China may be too valuable to break up.

The heads of Facebook, Apple, Google and Amazon appeared before angry lawmakers Wednesday as Congress prepares to weigh new anti-monopoly regulations, including possibly breaking them up. Facebook’s Mark Zuckerberg turned to a familiar argument, saying that breaking up the big tech companies would hurt U.S. competitiveness against China in developing new technologies and America’s ability to curb Chinese influence globally.

So are U.S tech giants an asset to the U.S. in its competition with China or a hindrance?

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The dawn of a new Big Tech regulatory era?

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At the ShellyPalmer Innovation Series Breakfast at CES 2018, I had a Socratic discussion about the influence of the big technology platforms and other emerging technologies on our lives and the need for responsible innovation with David Sapin, US Risk & Regulatory Leader, PwC. We also talked about the growing “techlash” buzz for more industry regulation and, while we agreed that there was a need for formal approach around some aspects of the industry, we felt that the best approach at the time might be an industry self-regulatory approach to responsible innovation (see A Case for Responsible Innovation).

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