The 40-year economic mistake that let Google conquer (and enshittify) the world
16 days ago
- #antitrust
- #monopoly
- #enshittification
- The article discusses the concept of 'enshittification,' where monopolies degrade quality and exploit consumers, attributing this trend to neoliberal economic policies.
- Industrial Organization (IO) theory is criticized for promoting vertical monopolies, which allow companies like Google and Essilor Luxottica to dominate markets and abuse their power.
- Google's acquisitions, such as Doubleclick and Fitbit, are highlighted as examples of how vertical mergers lead to market dominance and anticompetitive practices.
- Google's extensive investments through Google Ventures (GV) and 'Google for Startups' are described as a 'hidden empire' that shapes the tech ecosystem to favor Google's interests.
- The article calls for abandoning IO theory and stricter antitrust enforcement to prevent further market abuses by monopolies like Google.