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The Influence of Tech Giants: How They Shape Our Digital Lives

Tech giants are revolutionizing the way we live, work and play by transforming industries and connecting people worldwide. They have become a driving force of economic growth and created thousands of high-paying jobs around the globe. Their immense influence comes with responsibilities that must be addressed by these firms and by governments. But they also have the opportunity to shape a future that benefits all society.

The five American tech giants known as the “FAANG” – Facebook (now Meta), Amazon, Apple, Google and Microsoft – have combined market capitalization of more than $2.4 trillion. Collectively, they generate more revenue than the GDP of France. Their massive size and dominance in their sectors – online advertising, search engines, smartphone operating systems and digital platforms – have made them global brands that are unavoidable in our lives.

But with this dominance has come increasing concerns over anti-competitive practices and market concentration. Several studies have shown that the large companies’ market power stifles competition and may limit consumer choice. The New York Times’ tech columnist Farhad Manjoo calls the frightful five “too powerful to be trusted.”

Despite their enormous success, these technology firms started out as small tech ogle enterprises that were akin to what we might think of as the entrepreneur archetype – some guy or guys in a garage or dorm room dreaming up an idea that would transform the world. This is still possible to some degree, but it is much harder to get off the ground today than in the past. It’s now more difficult for young entrepreneurs to build a company that could rival the likes of Google, Apple or Facebook and create a billion-dollar business.

Tech giants’ power to gather massive amounts of data on their users has also raised privacy and security concerns. The recent Cambridge Analytica scandal showed how these giants can use user data for political purposes and has highlighted the need for more strict rules on how these firms handle user data. They also face the challenge of striking a balance between providing personalized experiences and protecting users’ privacy.

The global rise of Big Tech has given these companies a unique power to shape the future of cyberspace and real space. They can influence government policy, manipulate public opinion and even determine the flow of goods across borders. As the fusion of cyber and real spaces accelerates, it’s important for us to understand how these power struggles are shaping the future of global politics, the economy and society.

Rana Foroohar is a professor of management and business law at Columbia Business School and a senior fellow in the Center on Civility and Citizenship. She writes on issues related to the governance of emerging technologies and the role of Big Tech in global politics, economies and societies.

Foroohar’s research technology website and teaching focuses on the emergence of new forms of digital governance, the changing nature of corporate responsibility and how technology has changed the ways we live and work. Her current research examines the effects of social media on democracy and civic participation in the Middle East and Africa.