Former FCC chairman Tom Wheeler discusses the need to regulate big tech companies in the digital age. He compares the power dynamics of tech giants to historical industrial barons, emphasizing the necessity of protecting public interest. Wheeler suggests innovative regulatory practices and the creation of a specialized digital agency to address modern technological challenges.
Legal guardrails are necessary to regulate powerful tech giants like in the Gilded Age.
Establishing a specialized digital agency staffed by experts is crucial for regulating the digital economy.
Deep dives
Regulating Tech Giants in the Digital Gilded Age
In the digital age dominated by technology super companies, the need for legal guardrails to regulate the powerful tech giants has become crucial. Drawing parallels to the Gilded Age of the late 19th and early 20th centuries, where industrial barons faced regulations to protect the public interest, the podcast discusses the importance of holding Internet barons accountable for their actions. The advent of AI and rapid advancements emphasizes the necessity of establishing regulations to ensure public interest and prevent monopolistic practices in the digital space.
Adapting Oversight for the Digital Era
Differentiating the digital assets of computer code from industrial hard assets, the podcast highlights the unique challenges of regulating the digital economy. Traditional regulatory concepts primarily suited for the industrial era are deemed inadequate for the digital landscape characterized by rapid innovation. The need for agile oversight that can adapt to continual technological advancements and promote innovation while protecting consumers and competition is underscored, calling for the establishment of a specialized digital agency staffed by experts with digital DNA to address the distinct challenges of the digital Gilded Age.
As chairman of the Federal Communications Commission (FCC), Tom Wheeler advocated for stronger legislation of big tech companies. In his new book, "Techlash: Who Makes the Rules in the Digital Gilded Age?," he says there's more to be done.
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