I reviewed Tim Wu's great history of media consolidation and regulatory capture The Master Switch
earlier this month; now Tim says, "This piece I wrote for the Wall Street Journal is an important one. It is like a last chapter for my book."
We wouldn't fret over monopoly so much if it came with a term limit. If Facebook's rule over social networking were somehow restricted to, say, 10 years--or better, ended the moment the firm lost its technical superiority--the very idea of monopoly might seem almost wholesome. The problem is that dominant firms are like congressional incumbents and African dictators: They rarely give up even when they are clearly past their prime. Facing decline, they do everything possible to stay in power. And that's when the rest of us suffer.
In the Grip of the New Monopolists
AT&T's near-absolute dominion over the telephone lasted from about 1914 until the 1984 breakup, all the while delaying the advent of lower prices and innovative technologies that new entrants would eventually bring. The Hollywood studios took effective control of American film in the 1930s, and even now, weakened versions of them remain in charge. Information monopolies can have very long half-lives.
Declining information monopolists often find a lifeline of last resort in the form of Uncle Sam. The government has conferred its blessing on monopolies in information industries with unusual frequency. Sometimes this protection has yielded reciprocal benefits, with the owner of an information network offering the state something valuable in return, like warrantless wiretaps.
The Intercept publishes a previously-unseen set of Snowden docs detailing more than $500,000,000 worth of secret payments by the Japanese government to the NSA, in exchange for access to the NSA’s specialized surveillance capabilities, in likely contravention of Japanese privacy law (the secrecy of the program means that the legality was never debated, so no […]
Midge is a semi-disavowed character in the Barbieverse, created in 1963 to counter claims that Barbie was oversexualized; weirdly, in 1982, Mattel made the decision to release a version of the doll, who appeared to be a young teen, as a pregnant lady, with a detachable bump containing an articulated foetus.
What do “Bic for Her” pens, electric facial rejuvenation mask, and Trump: The Game have in common? They were all bizarre and ridiculous commercial products that tanked in the marketplace. This summer, the Museum of Failure will open in Helsingborg, Sweden to celebrate such bumbles and fumbles, along with other products that were bested by […]
“Gets stuff done,” is a good way to be described by anybody. Especially by coworkers or bosses. Because whether you’re in finance or a children’s librarian, stuff needs to get done. But how do you make sure stuff gets done? You definitely can’t do all the stuff yourself, unless your company/organization/government office consists entirely of you. And […]
Even the most expensive pair of hi-fi headphones can’t match the feeling of bass rumbling through your body at a live show. That’s why music aficionados designed The Basslet, an accessory that reproduces that sensation from your wrist. Does it make your whole body shake with deep subs? Not really, because that would be terrifying, but […]
They probably just sleep a lot. But still, you can remotely keep an eye on them when you’re at work and missing them deeply with this HD monitor from Kodak.If you have a new puppy that destroys everything in sight, or you just want to be a little more security-conscious, this WiFi camera is a […]