Every day, tens of millions of Americans turn to Facebook for their social media, and to Google for searches.
Industry professionals strive in various ways to use both of those web-tech platforms for their marketing efforts.
The economic power of big tech is astonishing. Google and Facebook reportedly eat up some 60 percent of all digital marketing revenues, not to mention their other income generating assets. That financial clout in turn is used in political, media, and other means of influence.
“Over the past decade, Amazon, Apple, Facebook, and Google—or, as I call them, “the Four”—have aggregated more economic value and influence than nearly any other commercial entity in history. Together, they have a market capitalization of $2.8 trillion (the GDP of France), a staggering 24 percent share of the S&P 500 Top 50, close to the value of every stock traded on the Nasdaq in 2001,” said Professor Scott Galloway in Esquire.
New York Stern School of Business Professor Galloway freely admits that he’s personally benefited from “the Four” tech giants.
The author, entrepreneur, and professor also wants to regulators to break up big tech, as their influence and power over the marketplace is so great, that it crushes competition.
Is it a surprise that across the left-right media and political divide, Galloway’s work is drawing interest? The Daily Business News has featured him in our market report in a video from left-of-center, CNBC.
Last night, it was right-of-center Tucker Carlson on Fox News that featured Galloway speaking specifically about Google (parent company, Alphabet) and Facebook in the context of the big four tech giants economic impact.
As the manufactured home industry struggles with it’s own challenges of market concentration – allegedly monopolistic power – over the industry and organizations of influence, such as the Manufactured Housing Institute (MHI), the Urban Institute, and others – a question should be considered.
Are the tech giants – plus Berkshire Hathaway – sucking the oxygen out of the marketplace in manner that harms innovation, creativity, possible start-ups, existing enterprises, and workers? ## (News, analysis and commentary.)
Progressive “Nation” Reports on Monopolies Cites Buffett, Clayton, Others – MH Industry Impact?
(Third party images, and cites are provided under fair use guidelines.)
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.