Take down the big tech monopoly | By Andrew Orlowski

Medieval England used the stocks as a punishment for those who tried to manipulate markets, with offenders being confined in a wooden trap in public squares. This method of punishment reflected the understanding that market manipulation was a serious offense that harmed the community. The historical crimes of “engrossing”, “forestalling”, and “regrating” were forms of economic manipulation that date back to ancient times, with the concept of a “just price” being discussed by scholars like St. Thomas Aquinus.

In modern times, there is a perception on the academic left that the market is a negative force, but historical perspectives show a more nuanced approach. The acceptance of clear rules within the market reflects a sophisticated understanding that attempts to manipulate markets ultimately harm society as a whole. Maurice Saatchi points out that globalization has led to cartelization and an imbalance of power between consumers and corporations, particularly evident within the tech industry.

Tech giants like Amazon, Google, and Meta wield immense power through their control of online marketplaces and advertising exchanges. Amazon Marketplace and Meta’s platforms control both supply and demand, giving them unprecedented influence over pricing and consumer behavior. These companies operate private exchanges that are often opaque and unregulated, allowing for manipulation that can distort market dynamics.

Legal challenges have highlighted the practices of these tech companies, with lawsuits in the United States revealing antitrust concerns. Google’s dominance in search has been a focal point, with evidence showing that the company fixed advertising margins to maintain high profits. This exploitation of market inefficiencies has been brought to light through court proceedings, shedding light on the complexities and questionable practices within online advertising auctions.

The need for greater scrutiny and regulation of tech companies like Google and Meta is evident, as their market manipulation tactics have far-reaching consequences for consumers and the broader economy. The legacy of medieval punishments for economic crimes serves as a reminder of the importance of upholding market integrity and preventing abuses that harm society as a whole. By addressing these issues, we can work towards a fairer and more transparent marketplace that benefits everyone.