Summary of The New Age of Corporate Monopolies

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The New Age of Corporate Monopolies summary
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In 2017, the European Commission imposed a record $2.7 billion fine on Google for breaking antitrust rules. The same year, it demanded that Apple pay $15.3 billion in back taxes. What is behind these spectacular penalties? In a clear, straightforward primer, the EU commissioner for competition Margrethe Vestager argues that fair market competition is a requisite for maintaining trust in the market – and society. getAbstract recommends her talk to policymakers and everybody with a stake in Big Tech.  

In this summary, you will learn

  • Why governments regulate markets,
  • How companies can gain unfair advantage over their rivals and
  • Why market regulations strengthen people’s trust in society
 

About the Speaker

Danish politician Margrethe Vestager has been the European Union’s commissioner for competition since 2014.

 

Summary

Following the devastation of World War II, six European countries founded the European Union in 1957 to advance peace and democracy on the continent. An integral part of the union was a common market ensuring fair competition. The EU’s founders established rules – and appointed a commissioner of competition to enforce them – so companies would compete based on price, quality, service and innovation, and not foul play. Without such rules for competition, businesses are tempted to gain unfair competitive advantage over one another. They may become greedy or deem competition “inconvenient” because it means that even if they’re thriving, they have no guarantee of future success.


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