This conference is both timely and relevant, made even more urgent by the consequences of the Great Pandemic of 2020. The technological/digital behemoths of the 21st century are increasingly viewed as the “new monopolies.” After two decades of pervasive connectivity, the novelty and convenience of the ubiquitous FAANGs (Facebook, Amazon, Apple, Netflix, Google/Alphabet) have given way to concerns about the consolidation of social, economic, and political power in the hands of a few as our dependence deepens on these systems.
The challenge to governments and enterprise is multifaceted, but it is not unprecedented. Our experience with the “econo-technical systems” that transformed economic production, work, and life in the late 19th century can provide important insight into contemporary challenges, from technological change, balancing the encouragement of economic dynamism with the protection of consumers, to the response to wage and income inequality. Stark differences separate monopolies in the 19th and 21st centuries. Yet, trust and anti-trust, monopoly and anti-monopoly have emerged once again as top-of-mind issues.
Getting the response right in this complex context represents a high-stakes challenge. For governments, it means getting policy and regulation right, in how, for example, to balance a stated public interest in innovation-driven growth and the encouragement of innovation-intensive firms with a public concern with negative externalities of technological disruption. The appearance of supra-national regulatory blocs responds to the global nature of the technology but adds complexity and uncertainty to it as well. For businesses, questions about the pace of innovation and investment come to the fore, or even whether institutions will continue to exist or be absorbed by these pervasive enterprises.
“Big Tech: Monopoly’s Second Moment?” offers a unique forum in which policymakers, corporate leaders and senior scholars who are expert in the field can discuss contemporary issues in the light of current practice and a clear-eyed and connected analysis of our deep experience with prior transformations.
This conference is co-sponsored by Long Run Initiative (LRI) and the Wilson/Currie Chair in Canadian Business History, Rotman School of Management, University of Toronto.