Giant corporates have in the past ruled over large swathes of people and land through various measures. However, this is not exclusive to the 21st century. In fact, the first such instance could be seen in the early 18th century when the Dutch East India Company was controlling large lands, trade through the sea, making and handling new colonies, had armies to protect the business and even had its own mint for currency making.
According to an analysis by a popular Youtube Channel ‘Cold Fusion’, the case of Facebook needs to be looked at to understand the issue with the big tech companies. Facebook is probably the best case for analysis. There have been numerous allegations against the company regarding the leak and misuse of users’ personal data by the company. Moreover, scandals such as the Cambridge Analytica proved many of these allegations true. Facebook has been found to tap into users’ devices to even listen to the private and intimate conversation of a user. Governments all across the globe have imposed huge penalties on the company.
Cold Fusion also suggests that the Big Tech Companies need to be broken up like the Standard Oil was broken up into 34 smaller companies by the US government. The corporates start acquiring a lot of power when they get big and that creates huge issues if not kept in check. The current scenario is no different from the big tech giants, especially in the US. Although this seems to be a very far-fetched idea, it is not that unrealistic. There are talks within the US government that suggests towards a possible scenario of breaking up Facebook if it doesn’t get its act straight.
Information is crucial for everyone, but more important is the safety of it. In the current situation, the safety and privacy of anyone’s information need protection and more and more governments should come forward to use the checks and balances for these tech giants.