Technology companies seem to be growing larger due to the network effect, allowing them to control access to information. These companies have locked up data that could have been used in other entrepreneurial ways, and can also be used for good in areas such as healthcare and finance. In healthcare, more data has allowed for better and cheaper ways to conduct research.
Regulators should not repeat the mistakes of the previous century when then corporate giants were allowed to write the regulations, benefitting themselves at the expense of entrepreneurs. Workers’ and consumers’ rights need to be protected and entrepreneurial efforts need to be supported and maintained. Permission-less innovation should not be accompanied by disruptions to competitive markets and privacy intrusions.
There might be two possible outcomes for international regulation on the technology companies. The first outcome is bifurcation, where the United States and China will each establish their own regulatory standards. The second outcome is one where companies in the United States and China partner each other, creating a single global system.