Large Tech Platforms, ISP 'Monopolies' Writing Their Own Rules, Wheeler Says

Ex-FCC Chairman Tom Wheeler said large tech platforms and ISP "monopolies" are so dominant they're writing their own rules (see 1712200044 and 1712060013). "It is a stark repeat of the early industrial era when companies exploited technology to control the economy, squash competition, and dictate take-it-or-leave-it terms to consumers," he blogged Wednesday in the Biden Forum. "We are now at another make-or-break junction. Thus far, the government has stood frozen in awe as spunky young innovators built their businesses -- almost in fear of breaking the magic spell of innovation. These young companies, however, have grown into corporate behemoths," he said, noting high valuations of Amazon, Apple, Facebook, Google and Microsoft. "At the same time, the current FCC has walked away from its responsibility to oversee the behavior of the monopolies of ISPs and companies that deliver internet services to consumers. Their justification is a specious assertion that regulation discourages these companies from investing to improve their connections." These "are not evil companies or malicious executives. In the absence of ground rules, however, human nature and economic incentive take over," he wrote. "The time has come once again for the people to stand up and shout 'Enough!'"