Tech regulation; learn the lessons of the past…

The Badger has just arranged for a headstone to be erected at the grave of a relative who passed-away some years ago. The process started with using Google to research the different types of  headstone, suppliers, pricing, and graveyard regulations. Having done the research, the Badger engaged a provider and arrangements were made using to the providers preferred business methods, namely good old fashioned telephone calls, letters and forms by post, and cheques for payments. Everything went smoothly and the headstone is now in place.

There was only one thing that was an irritant in the whole process – the flood of content, adverts, and unsolicited marketing that appeared in the Badger’s news, email, and social media feeds following the Google search queries!  Receiving unsolicited and unwanted suggestions about funeral plans, care homes, equity release, life insurance, will writing, and donating to charity via a will was just tiresome and a reminder that the big  tech giants track and use our behavioural data. If there was a single, simple, ‘Big Red Button’ that turned all that stuff off, then the Badger would have pushed it!  

Recent news that a Digital Markets Unit is being formed under the UK Competition and Markets Authority (CMA) (see here, here and here) to start limiting the power of big tech firms in the UK seemed like welcome news and a sign that politicians are starting to wake up.  In the USA, of course, Google is already in the cross-hairs of the US government for alleged anticompetitive abuses. At long last, governments around the world seem to be very slowly addressing regulation of the big tech giants which, let’s face it, are enormously powerful as well as being at the heart of the functioning of today’s modern society.

Sceptical about the need for regulation? Read the Financial Times article here. It points out that the 2008 banking crisis showed that careful oversight is needed when the public interest depends on businesses that exist to meet the needs of private capital providers. Before 2008, the approach of regulators to the way banks behaved was ‘principles based’, i.e. deliberately light touch. This relied too much on the banks’ abilities to govern themselves, and it failed. Similarities with the current approach with big tech are striking.  We should learn the lessons from the past! After all, isn’t that what the leaders of all corporations and governmental institutions are forever telling their employees and everyone else to do?

When speaking to the headstone provider, the Badger asked why – apart from a basic website – they hadn’t fully embraced the digital world. Simple, they answered. ‘We’ve stayed in business for over a century because we learn our lessons, one of which has been to always steer a cautious path through periods of innovation and change’. How very refreshing!     

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