The Big Four of Silicon Valley’s tech industry- Apple, Amazon, Facebook and Google- are responsible for some of the breakthrough innovations over the last decade, and at present are financially rich beyond the norms at any other era. Their investments have helped other companies come out of the recession, have helped spawn new online or mobile based businesses, helped propel the field of digital marketing, and are now major recruiters from college campuses. Yet, the time has come to break them up, as they have now become too big, so detrimental to the overall economy. Their net worth is now well over the combined levels of legacy companies in several other major industries. Yet, they are not paying the kind of taxes, or generating employment that they are easily capable of. Quite to the contrary, these companies’ huge data warehousing machineries enable that they now know all dark secrets for a huge proportion of the population. They have also caused massive inequality and are now striving hard to develop automations, that will render a large proportion of people unemployed and skills irrelevant. Their deep involvement in government projects gives them further access to sensitive public data. While Google or its renamed avatar Alphabet is a mind-altering platform, Facebook targets the heart. In spite of the great progress the American middle-class made between 1941 and 2011, now the real wages for all classes in the US is declining. Markets too are failing, while monopolies are emerging in every known sphere.

Source:http://www.esquire.com/news-politics/a15895746/bust-big-tech-silicon-valley/

Uploaded Date:01 March 2018