The Big Four tech giants control most of the world’s information flow, drug and food supply. Google and Facebook tried to manipulate the recent presidential election by prioritising, and sometimes burying content altogether. Throughout the history of human civilisation, including periods of ecclesiastical rule, no entity has had as much power to influence and control the social and political ideals of billions of people with zero oversight or regulation as these tech giants. Democracy’s only hope is for Google, Amazon, Facebook and Twitter to be broken up and regulated.
The people who cheered as offensive content was censored by internet providers should not be so quick to applaud. They may soon find the same tactic used against causes they love. A look back at examples over the past 10 years can help demonstrate why we all have cause for concern.
In this clip from our Meet the Renegades series, we sit down with renowned British economist, John Kay and ask what is Rent-Seeking? John describes the imperfections in present day market economies and entrepreneurial opportunities for wealth creation.