Francis Fukuyama, Barak Richman, and Ashish Goel
Among the many transformations taking place in the U.S. economy, none is more salient than the growth of gigantic Internet platforms. Amazon, Apple, Facebook, Google, and Twitter, already powerful before the COVID-19 pandemic, have become even more so during it, as so much of everyday life moves online. As convenient as their technology is, the emergence of such dominant corporations should ring alarm bells—not just because they hold so much economic power but also because they wield so much control over political communication. These behemoths now dominate the dissemination of information and the coordination of political mobilization. That poses unique threats to a well-functioning democracy.
While the EU has sought to enforce antitrust laws against these platforms, the United States has been much more tepid in its response. But that is beginning to change. Over the past two years, the Federal Trade Commission and a coalition of state
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