Jul 15, 2017

Our economy is increasingly ruled by a few standout tech firms, and that’s not a good thing

Posted by in categories: business, economics

Our economy is increasingly ruled by a few dominant firms. We see them everywhere, from established giants Amazon, Facebook, Google, Apple, and Walmart to fast-growing newcomers like Airbnb, Tesla, and Uber. There have always been large companies and outright monopolies, but there’s something distinctive about this new generation of what some economists call superstar companies. They appear across a broad range of business sectors and have gained their power at least in part by adeptly anticipating and using digital technologies that foster conditions where a few winners essentially take all.

Superstar companies are dominating the economy by exploiting a growing gap in digital competencies.

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