"She said some algorithms used by social media platforms could become as powerful as states. Metreweli warned that the defining challenge of the 21st century was not simply who wields the most powerful technologies, but who guides them with the greatest wisdom. Just a handful of tech giants now control how information reaches the public, raising concerns that their owners could manipulate information and communications for their preferred political outcomes."
"While Metreweli did not cite specific examples, two or three US firms dominate social media and Elon Musk, the owner of X (as well as SpaceX and Tesla), also controls Starlink the satellite communications network that is considered crucial for the Ukrainian military in its ongoing war with Russia. This is a type of monopoly, but while Metreweli was talking mainly about political power and influence, monopolies can wield immense economic power as well."
"Monopolies in other industries are also causing havoc. India's airline market was rocked by rising prices and a pilot shortage recently, while Netflix's proposed merger with Warner Bros has led to concern that a streaming monopoly could harm creative and artistic industries and restrict consumer choice. Monopolies are not just an issue for the technology sector;"
Giant tech firms and their leaders have become as politically powerful as nation-states. New technologies are converging to create science-fiction-like tools and algorithms used by social media platforms can rival state power. The defining 21st-century challenge is not only who possesses powerful technologies but who guides them with wisdom. A handful of tech giants control how information reaches the public, creating risks of political manipulation. Corporate monopolies extend beyond tech: India's airline market faced rising fares and pilot shortages, and a proposed Netflix–Warner Bros merger raises concerns about reduced creative freedom, consumer choice, and economic concentration.
Read at www.aljazeera.com
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