In today’s world, giant tech companies hold more power than some nation states, shaping the political agenda according to their whims. This phenomenon, known as “technopolarity”, highlights how digital power is reshaping the world. While some argue that market dominance will eventually lead to self-correction and decreased influence of Big Tech, others question this notion. The fact that there hasn’t been a major new platform challenging the incumbents for over a decade raises concerns. Competition laws and authorities also often fall short in addressing monopolies, with interventions having minimal impact. To tackle these issues, some suggest asserting ownership of personal data as a strong property right, allowing individuals to control and trade their own data. This proposal is not without controversy but could lead to more transparent and honest forms of capitalism online.
https://www.telegraph.co.uk/business/2023/09/11/right-data-ownership-big-tech-google-meta-competition/