Big tech, bad tech

that makes them unique in the history of capitalism. When exxonmobil and Ge were the titans of America Inc. in the 1990s and 2000s, their revenues were rising at an average annual rate of 5-6 percent and their net profits at 5-10 percent or so. the tech giants have been growing at 16 percent and 13 percent, respectively, for a decade or more,” adds The Economist

“Investors expect the tech giants, with their deep technological insights and even deeper pockets, to capture the spoils of artificial intelligence (AI). the share prices of Alphabet, Amazon and meta are all climbing back towards their peaks of 2021,” says the magazine.

AI, machines that think, act, talk and solve problems (and lie) like humans, is feared this year as an existential threat to mankind.

Can you imagine machines that lie their way to power and cheating, running the Philippine government?

Asks The Economist: ‘Can anything stop Big Tech?’ the Warren-Graham Digital Consumer Protection Commission Act would create a new federal commission to oversee major technology companies operating in the U.s the commission would increase consumer safety, protection and privacy, improve competition and bolster national security. It will have the legal authority to investigate and prosecute misconduct by major technology companies when it comes to violating American’s personal data, privacy and online activity. the structure, functions and scope of the new Digital Commission would be similar to the federal Communications Commission (fCC) and Nuclear regulatory Commission (NrC), which oversee radio and television outlets and nuclear power production, respectively, in the United states. says senator Graham: “I have heard too many stories from families who feel helpless in the face of Big tech. stories about children being bullied to the point of committing suicide. human trafficking. exploitation of minors. All the while the social media platforms look the other way. today, we take the first step and provide consumers with the tools they need to begin leveling the playing field. A regulatory commission will give consumers a voice against Big tech and the power to punish them when appropriate. the creation of a regulatory commission to oversee Big tech is the first step in a long journey to protect American consumers from the massive power these companies currently wield.” for too long, giant tech companies have exploited consumers’ data, invaded Americans’ privacy, threatened our national security and engaged in anti-competitive practices that hurt our economy,” adds Warren. reining in Big tech is a top priority on both sides of the aisle.”

In an essay published in The New York Times, Graham and Warren write:

“Digital innovation has had a dark side. Giant digital platforms have provided new avenues of proliferation for the sexual abuse and exploitation of children, human trafficking, drug trafficking and bullying and have promoted eating disorders, addictive behaviors and teen suicide. Parents like Kristin Bride, whose teenage son killed himself after being mercilessly cyberbullied, have shared heartbreaking stories with Congress and the public about the potentially deadly consequences.”

“A few Big tech companies generate a majority of the international law, including the UNCLos and the 2016 PCA ruling. Both also want to speed up the creation of an effective Code of Conduct, which is still the best option to reduce the risk of conflict in the south China sea. the Philippines and Indonesia also have a 2014 “delimitation agreement” that took effect in 2019. In october 2022, both countries signed the principles and guidelines outlining their continental shelf boundaries since both have overlapping exclusive economic zones. President marcos described the agreement with Indonesia as a template that can be presented to the AseAN and can also be done with other nations. When all is said and done, we must continue to hope that issues with China will still be resolved in a peaceful manner – as civilized nations should. (Philstar.com)

* * * The opinions, beliefs and viewpoints expressed by the author do not necessarily reflect the opinions, beliefs and viewpoints of the Asian Journal, its management, editorial board and staff.

* * * babeseyeview@gmail.com world’s internet traffic and essentially control nearly every aspect of Americans’ digital lives. Platforms are protected from legal liability in many of their decisions, so they operate without accountability.

“Big tech companies have far too much unrestrained power over our economy, our society and our democracy.

“Google uses its search engine to give preference to its own products. Amazon sucks up information from small businesses that offer products for sale on its platform, then uses that information to run its own competing businesses.

“Apple forces entrepreneurs (and thereby consumers) to pay crushing commissions to use its App store. A few Big tech companies stifle all competition before it poses any serious threat.

“Big tech companies vacuum up our personal data, often with little care for whether their practices are responsible or even legal.” (Philstar.com)

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The opinions, beliefs and viewpoints expressed by the author do not necessarily reflect the opinions, beliefs and viewpoints of the Asian Journal, its management, editorial board and staff.

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Email: biznewsasia@gmail.com