The Tech Oligarchs Are Going to Destroy Democracy — Unless We Stop Them

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When there is a general change in conditions, it is as if the entire creation had changed, and the whole world altered. —Ibn Khaldun, 14th-century Arab historian

Congressional posturing about tech firms may have quieted for the moment, but the existential crisis that these firms are creating remains as now unchecked. Even faced with opposition on both sides of the aisle, the oligarchs—those five tech giants that now constitute the world’s five most wealthiest companies—continue to rapidly consolidate economic, cultural, and, inevitably, political power on a scale not seen for over a century.

This tiny sliver of humanity, with their relatively small cadre of engineers, data scientists, and marketers, represent a challenge to democracy, competitive capitalism, and the future of the middle class. Given their virtual monopoly status, a laissez faire approach will likely result in more consolidation; only government action of some kind can stop them now. Current concerns are large enough now that both the Trump administration and many Democrats oppose Facebook’s bid to issue its own currency. That’s a hopeful first step.

Read the entire piece on the Daily Beast.

Joel Kotkin is the Presidential Fellow in Urban Futures at Chapman University, director of the Chapman Center for Demographics and Policy and executive director of the Center for Opportunity Urbanism in Houston, Texas. He is author of eight books and co-editor of the recently released Infinite Suburbia. He also serves as executive director of the widely read website www.newgeography.com and is a regular contributor to Forbes.com, Real Clear Politics, the Daily Beast, City Journal and Southern California News Group.

Photo: Tanja Cappell, via Flickr, using CC License.