Barrier to entry is a natural competitive force. Existing competitors creating a controversy and then lobbying new regulations to make entry prohibitively expensive is an unnatural competitive force.
Anne McElvoy! I had been listening to you in The Economist podcasts for years and had never seen you physically! I'm happy to put a face to that voice that's been educating me for years!
5:08 Was the interviewer's question "How do you reign in on a business that consumers willingly choose?" Correct me if I'm wrong but Ms. Klobuchar didn't answer the question.
@@duncanhw Nope. Not US. Different culture. More individualistic and capitalistic, than Europe. Here, any more anti-trust busting laws, better compensate the companies. Otherwise consumer decision. The best US can do, besides compensating, is funnel more funds into agencies investigating business malpractice. Congressional hearings to inform the public. This wont happen in the current environment. Too much already to deal with, and very expensive. So the only solution, is consumer information by shows like this. Up to the individual. More freedom, more personal responsibility. This is appropriate for the US of course, in my opinion.
I didn't hear this as criticism, more that she knows she is speaking to a serious outlet when it comes to debate and looking at issues from broad perspective.
Government should somehow lower barriers to entry. This (in theory) should help provide innovation or at least a bit of R&D into how consumers information/data can be kept private and secure.
I think patent laws are one area. Big companies abuse them by patenting way too many unused ideas with countless wordings to attempt to deny entry to smaller, innovative companies that might disrupt the current market. Patent scams do the same thing and also hurt big companies. They consist of lawyers and crooked judges(I read about one in Texas from Austin Meyer) that claim patents for hundreds of vaguely worded ideas for which they do zero work. All their work is suing and collecting settlement checks.
Agree 100%! As a consumer, there just ain’t much choices out there in an environment that falsely gives an impression of unending choices. It scares me sometimes when I am gradually realizing this everyday.
Klobuchar is a friend of the country. The gap between rich and poor it is becoming inhumane and Klobuchar knows it. We should all pay close attention to this and support her.
No there isn't, almost all companies which made it big were some way or the other in bed with the powerful government figures. Hence they were allowed to use more relaxed laws(for loans, wholesale payments and employment) which are not supposed to be allowed under Chinese law. The alternate companies generally tend to popup when the relaxation of the dominate company becomes public knowledge
I think, being one or two big companies in every field is better and convenient. But there should be strong law enforcement to control them. These companies are more likely to be innovative than others... Agree?
breaking up these monopolies won't do anything. There is competition for Google for example, Duckduckgo, Bing, Edge, etc. The only problem is that no one uses them. Tech giants pray on networks; the more user one service has, the better. This means that everyone will go to the same place rather than different plates, meaning that a breakup is not a solution.
It's those companies' infrastructure. It's their app store or their search engine. If the government wants a hand in it, they should create their own. There are a million search engines out there, you can choose the one you want to use.
Successful companies are broken down by the government, broken companies are attempted to be made successful by decades and decades of government subsidies
The newer companies can't pay the the best talent the wage they deserve. So naturally they will fall behind unless they get investors or government support.
You aren't supposed to copy them. You need to have a business that either does something new. That requires creativity more than anything else. Amazon is very competitive, I would not want to compete with them directly.
The thing Australia wanted to do (5:40) is the equivalent of telling a 7 year old boy who wants to bring a newspaper to his class for a class project that anyone who looked at would have to pay.
I agree with much what is said, but I think an important issue not addressed are the network effects. Few people want to be on several different platforms that provide the same service, for example, who would like to have a half of their friends on Facebook and the other half on "copy of Facebook" that provide the same service? Next to none. People want to be where the network is the largest because the content is the greatest, leading to monopolies. I have no idea how to solve this conundrum.
florida gov. desantis signs law to hold big tech companies accountable for content practices. moderation DeSantis has been critical of what he views as censorship engaged in by the company’s largest technology companies and has accused platforms like RUclips of attempting to stamp out ideas that go against its "narrative."
I think your videos are amazing, the only thing that puzzles me a little and in a very respectful way would like to ask is the following, are you aware of the fact that "America" is an entire continent and no the name of "The United States of America"'?
The last part shows a poor understanding of freedom of speech. It's not about whether Trump is lying or not, it's about how dangerous it is to forbid delete or forbid words. I am German and my grandpa told me about the time when the media and elections were not free anymore. It's a horrible thing because back then, the nazis portrayed all dissidents as "being crazy, liars and criminals". It is different now of course but there are some parralels we should learn from.
The people of Mexico are protesting for your publication of President López Obrador. It’s an offensive image far away from the conception of our government and the minimum ethic of journalism. In the electoral times I respectfully ask who pay for that?
I think this pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn’t mean security rather having different investments is the real deal
@Mike Justin I'll recommend my professional Mr Lucas Naved My first investement with him earned me a total profits of $28,300 and ever since then he keeps delivering
A company makes the profit margin a market allows it to make lady...who are you to say what is high or not? do you want to regulate margin by law?crazy...
@@freedomlife3623 Science has not always done the best job on being authoritative - they flip flop as bad as some politicians. And again, WHO judges the science? If some science says "x" and some science says "y", WHO determines which is the correct answer?
Speaking as a pro-business libertarian (who is generally opposed to the views of Klobuchar), the idea that controls always hinder innovation is not true. Competition itself is not the end goal. Competition is just one facet of an open, viable market. We need to remember why we have a market in the first place. What its role is. The market-distorting effects of big business are profound. They're not really 'free enterprise' at all. Such monopolies, duopolies and oligopolies need to be broken up, and regulated as part of an open, competitive marketplace where innovation really can thrive.
Easy. Make laws to punish them for every abuse of power, inequality and leaving things in the dark. They need to let someone from the government check the algorithms for search engines, they are not allowed to sell or use user data without permission, you cannot charge some this and others that, you cannot avoid taxes because your office is officially in Liechtenstein or on the Caymans, they aren’t allowed to have a 2000% profit margin, they have to source their materials sustainably, they hav to make sure everyone in the production chain is paid fairly. I like that a lot of people work on the „best product“ and google‘s services and microsoft and apple are doing amazing things, too. Don’t let them do the grey area or illegal stuff, that’s enough.
Consumer harm is no longer the only metric by which a monopoly should be measured, it's a very archaic form of playing devil's advocate when it comes to measuring the extreme power disparities present in the market today. The economist surely would have once read Hobbes and Smith, and realize that the entire premise of capitalism and the protection of private property is based on the fact that all actors within a market start out at the level of subsistence and therefore have an equal access to the market. This was never true, especially in England's racist and imperialist history, but even by that measure alone it's obvious that news organizations should grow up and stop trying to thread the needle by using imperialist legal views that were created through the lens of elites protection of other elites.
Listen I know we keep you busy up here in Minnesota where I am from we got bigger fish to fry right here at home and we're going to do it in the name of Sandra drift
Klobuchar doesn't have a clue. She was unable to suggest one piece of legislation which would reign in big-tech. Just hot air, rhetoric and generalisations. On the other hand, sometimes it's great to have ineffective legislators - at least they can do no harm.
I like the way she tries to sell the idea as pro capitalist but which in reality is closer to china's system, basically a state run pseudo capitalist system.
Never give up an opportunity to drag China in the picture. Talk about gatekeeper enterprises. The truth is China is actually taking steps to deal with their own big tech companies (e.g. Alibaba, Meituan) which are adversely impacting, among other things, small and medium business viability and fair competition ... fact-check Senator (assuming facts and truth still matters)
It was ok. However the interviewer did not exploited the contradictions stated by Sen. Klobuchar. I may not like D.T. speeches; however, she is empowering censorship from the same monopolies she is trying to break.
Guys, 3 things need to be done immediately. 1. Tax super rich and giant tech companies 2. No more monopolies by giant tech companies 3. Provide more welfare and better access to affordable housing to lower income workers
@@yMMahmood0990 change the tax code. see the historical economics of high taxes. We need to tax super rich or else the income inequality will keep increasing
Bruh reddit be lying to me about Amy Klobuchar, now that I've actually heard her talk she is way smarter than reddit Bernie Bro posts made it seem like
Why epic game didn't complain about high fees at the beginning of the collaboration with Apple, but they complain when they have money from the Apple Store?
Very balanced, matured and pragmatic view. Unlike the Left which says that Tech companies are evil, Capitalism is evil while using a products of tech & capitalism itself. We need these kind of politicians.
@@duncanhw Exactly my point, using innovation of Tech & Capitalism. And, that Democrat Senator did tell she admires Capitalism. So, she is probably a Centrist unlike the darlings of Left - AOC, Bernie Sanders, etc. We need her kind of sensible people who can bridge the party politics gap.
Increased regulation hurts the new guy when did new barriers help anyone it only helps established companies because established players can afford to take a hit
Maybe different regulations are needed for different size companies. I think the point the speaker is trying to make is about finding regulations that supports the new guy. Big Tech goes a long way to either stop small, innovative companies or try to acquire them and grow their monopoly.
Barrier to entry is a natural competitive force. Existing competitors creating a controversy and then lobbying new regulations to make entry prohibitively expensive is an unnatural competitive force.
The devices we buy belong to us and we need independent repair, Apple
Apple: "we dont do that here".
Mac is the worst device I have brought-_-||
Anne McElvoy! I had been listening to you in The Economist podcasts for years and had never seen you physically! I'm happy to put a face to that voice that's been educating me for years!
Mee, too!
🇹🇹 always ready to learn from the Economist, love from Trinidad and Tobago
Ayyyyee, another Trini in the house, I'm from deep South La Brea side bro, where you from?
Laventille brother 🗣
@@robertobarasa4095 Alright, cool, cool. 🙌🏾
Wow, another trini
*Same things needed in India where bAMBANI and bADANI are growing by looting Poors*
It's nowhere similar lol
5:08
Was the interviewer's question "How do you reign in on a business that consumers willingly choose?"
Correct me if I'm wrong but Ms. Klobuchar didn't answer the question.
Great insight by the Senator
I keep hearing about the issues. When will there be a solution?
Antitrust, perhaps?
Break up the monopolies
@@duncanhw Nope. Not US. Different culture. More individualistic and capitalistic, than Europe. Here, any more anti-trust busting laws, better compensate the companies. Otherwise consumer decision. The best US can do, besides compensating, is funnel more funds into agencies investigating business malpractice. Congressional hearings to inform the public. This wont happen in the current environment. Too much already to deal with, and very expensive. So the only solution, is consumer information by shows like this. Up to the individual. More freedom, more personal responsibility. This is appropriate for the US of course, in my opinion.
@@pancakes3250 You don't get what I mean. OP is asking for her solution, but *her* solution is obviously antitrust. That's the whole platform here.
@@duncanhw Ow, i understand, i am sorry.
zomg - priceless
TE: Let's be devil's advocat on that~
AK: Of course, you're The Economist
sleep got knocked off from my eyes, and hilarious thing is, she just laughed and agreed, didn't even deny.
So savage lol
I didn't hear this as criticism, more that she knows she is speaking to a serious outlet when it comes to debate and looking at issues from broad perspective.
I like this Amy Klobuchar.
pls add subtitle on each video. It's helps a lot for people who want to learn English from your channel
Get corporate out of democracy ,big money = no democracy
Government should somehow lower barriers to entry. This (in theory) should help provide innovation or at least a bit of R&D into how consumers information/data can be kept private and secure.
I think patent laws are one area. Big companies abuse them by patenting way too many unused ideas with countless wordings to attempt to deny entry to smaller, innovative companies that might disrupt the current market.
Patent scams do the same thing and also hurt big companies. They consist of lawyers and crooked judges(I read about one in Texas from Austin Meyer) that claim patents for hundreds of vaguely worded ideas for which they do zero work. All their work is suing and collecting settlement checks.
Agree 100%! As a consumer, there just ain’t much choices out there in an environment that falsely gives an impression of unending choices. It scares me sometimes when I am gradually realizing this everyday.
Interestingly enough The Economist and Amy Klobuchar are using Google, RUclips, AWS, Microsoft to discuss how to break them up.
So what make her use black berry messenger
GO Senator Klobuchar.
Klobuchar is a friend of the country. The gap between rich and poor it is becoming inhumane and Klobuchar knows it. We should all pay close attention to this and support her.
No one who is an enemy of free speech is a friend of mine.
Google, Facebook, Amazon, & Apple are getting big and bigger. Its quite concerning really.
But the hearings are borderline ridiculous or at least the ones I’ve seen. They should be having Murdoch and co subpoenaed.
Delete your Facebook Jennifer
@@asheru9254 I’m not into it. Sorry.
Please also regulate companies so they couldn't harm environment
👏👏👏 Louder for the people in the back!! 👏👏👏
Then why you talking about big teach you are supposed to be saying this to the mining companies
There is competition in tech industry in China. There are probably more choices in some areas even.
No there isn't, almost all companies which made it big were some way or the other in bed with the powerful government figures. Hence they were allowed to use more relaxed laws(for loans, wholesale payments and employment) which are not supposed to be allowed under Chinese law. The alternate companies generally tend to popup when the relaxation of the dominate company becomes public knowledge
Just buy their shares and see how little you suddenly care about these issues
There's arguments that breaking up big tech will benefit shareholders. Scott Galloway talked a lot about this if you're interested.
@@Joe-jh8po pretty cool channel, thx for that
I think, being one or two big companies in every field is better and convenient.
But there should be strong law enforcement to control them.
These companies are more likely to be innovative than others... Agree?
1:43 Isn't this arguments against big pharma not big tech? Can someone explain how this is a big tech issue
TRUMP 2024
breaking up these monopolies won't do anything. There is competition for Google for example, Duckduckgo, Bing, Edge, etc. The only problem is that no one uses them. Tech giants pray on networks; the more user one service has, the better. This means that everyone will go to the same place rather than different plates, meaning that a breakup is not a solution.
I use duckduckgo, so does my husband. We need to bring the awareness to the masses, so people are aware what the risk we are facing using Google.
It's those companies' infrastructure. It's their app store or their search engine. If the government wants a hand in it, they should create their own. There are a million search engines out there, you can choose the one you want to use.
Wish they would put as much energy into solving real problems like healthcare and education, things that actually cost us money
Successful companies are broken down by the government, broken companies are attempted to be made successful by decades and decades of government subsidies
How to deal with it? Buy their shares, lean back and profit.
Did you delete one clip recently about radicality?
Well when it comes to Trump then it´s to do as they please...you voted for these people you now put up with them
Alibaba and Tencent would absolutely love these companies to be broken up
Alibaba is being broken up by China
@@duncanhw ohh yeah, but thats because they or at least Jack Ma spoke out against the party
@@johnlecraw6065 He spoke out after China reined in on him.
@@duncanhw Ad infinitum/nauseum
Did anyone else here Lorn “Sega Sunset” in the first few seconds?
What an irony, talking about monopoly Created by this tech platforms, by the medium created by this tech platforms.
haha
Thanks
The newer companies can't pay the the best talent the wage they deserve. So naturally they will fall behind unless they get investors or government support.
You aren't supposed to copy them.
You need to have a business that either does something new.
That requires creativity more than anything else.
Amazon is very competitive, I would not want to compete with them directly.
Get rid of them!
Great idea and then what?
Nothing will be done corporate first always
Limits on 'misinformation' sure sounds like getting rid of freedom of speech.
If memory serves me correctly, John D. Rockefeller made MORE money after the break-up
The share prices rose but that's what stocks always do anyway
The thing Australia wanted to do (5:40) is the equivalent of telling a 7 year old boy who wants to bring a newspaper to his class for a class project that anyone who looked at would have to pay.
That’s a bad example: AT&T is a dumpster fire of a company
I agree with much what is said, but I think an important issue not addressed are the network effects. Few people want to be on several different platforms that provide the same service, for example, who would like to have a half of their friends on Facebook and the other half on "copy of Facebook" that provide the same service? Next to none. People want to be where the network is the largest because the content is the greatest, leading to monopolies. I have no idea how to solve this conundrum.
Anyone know the music played in the intro? It’s been on many videos been looking for it for years.
florida gov. desantis signs law to hold big tech companies accountable for content practices. moderation DeSantis has been critical of what he views as censorship engaged in by the company’s largest technology companies and has accused platforms like RUclips of attempting to stamp out ideas that go against its "narrative."
A big knowledge for me
I think your videos are amazing, the only thing that puzzles me a little and in a very respectful way would like to ask is the following, are you aware of the fact that "America" is an entire continent and no the name of "The United States of America"'?
"...become another China..."
*Discuss*~
It’s about not allowing people multiple options for which pieces of tech to use. Everything tech in China is essentially Tencent.
Decentralise them or open source their protocols and APIs instead of breaking them.
The irony being that big tech companies are the biggest contributors to open source.
Big Tech appoints US presidents.. That's alot of power of this former democratic country
The last part shows a poor understanding of freedom of speech. It's not about whether Trump is lying or not, it's about how dangerous it is to forbid delete or forbid words. I am German and my grandpa told me about the time when the media and elections were not free anymore. It's a horrible thing because back then, the nazis portrayed all dissidents as "being crazy, liars and criminals". It is different now of course but there are some parralels we should learn from.
Nice video.
The future will be owned by corporations, get used to it
Delay that wont stop it
The people of Mexico are protesting for your publication of President López Obrador. It’s an offensive image far away from the conception of our government and the minimum ethic of journalism. In the electoral times I respectfully ask who pay for that?
I think this pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn’t mean security rather having different investments is the real deal
I totally agree with you, it’s been an eye opening experience for a lot of people.
Wow Great that's called diversifying a portfolio.
It's very important for one to have different streams of income☺
I've got interest in investing but afraid of doing it on my own to avoid loss from my own end 😕🥴
@Mike Justin I'll recommend my professional Mr Lucas Naved My first investement with him earned me a total profits of $28,300 and ever since then he keeps delivering
Big tech dominate because they offer so much and ask for little - or rather ZERO money in return.
Because you're the product and the real customers are the companies that buy access to you and other milions of people
I rather pay for service rather than my information. Just like I pay for RUclips premium, so I don’t have to watch any ads and save my time.
And which you've seen, billions are accepting.
Decentralised platforms will disrupt big tech, whether the state intervenes or not.
A company makes the profit margin a market allows it to make lady...who are you to say what is high or not? do you want to regulate margin by law?crazy...
Governments should not have the power to break up companies.
This is why there trying to go to space
Well, only one thing ,. stop used,.in those in control,.check this monopoly,.buying small companies,.
Comcast? The result of ATT breakup
Who determines what is "fake"?
You do
Science and facts. You can always express your silly opinion otherwise, people just will look at you thinking you are nuts.
@@freedomlife3623 Science has not always done the best job on being authoritative - they flip flop as bad as some politicians. And again, WHO judges the science? If some science says "x" and some science says "y", WHO determines which is the correct answer?
What about over pricing of Insulin in the US? What about thinking about real problems, you useless politicians. Shame on you.
Facts! Smart lady. Blessings from Scotland. 🙏🏴 Noone should get banned. What about all the bare face lies Democrats tell the public every day?
Yes, lets turn Twitter into 4chan, great idea!
Examples, please.
REIGN IN TECH FIRMS. MAKE THEM SELL. AND NOT TO THEMSELVES. or their subsidaries.
Controls and regulations hinders innovation. We need more competition.
Speaking as a pro-business libertarian (who is generally opposed to the views of Klobuchar), the idea that controls always hinder innovation is not true.
Competition itself is not the end goal. Competition is just one facet of an open, viable market. We need to remember why we have a market in the first place. What its role is.
The market-distorting effects of big business are profound. They're not really
'free enterprise' at all.
Such monopolies, duopolies and oligopolies need to be broken up, and regulated as part of an open, competitive marketplace where innovation really can thrive.
Well I mean there can be no competition if the big guys are always looking to buy the little guys out.
Easy. Make laws to punish them for every abuse of power, inequality and leaving things in the dark. They need to let someone from the government check the algorithms for search engines, they are not allowed to sell or use user data without permission, you cannot charge some this and others that, you cannot avoid taxes because your office is officially in Liechtenstein or on the Caymans, they aren’t allowed to have a 2000% profit margin, they have to source their materials sustainably, they hav to make sure everyone in the production chain is paid fairly.
I like that a lot of people work on the „best product“ and google‘s services and microsoft and apple are doing amazing things, too. Don’t let them do the grey area or illegal stuff, that’s enough.
They need to break up because they spread shows and movies that spread racism like the oriville
Consumer harm is no longer the only metric by which a monopoly should be measured, it's a very archaic form of playing devil's advocate when it comes to measuring the extreme power disparities present in the market today.
The economist surely would have once read Hobbes and Smith, and realize that the entire premise of capitalism and the protection of private property is based on the fact that all actors within a market start out at the level of subsistence and therefore have an equal access to the market. This was never true, especially in England's racist and imperialist history, but even by that measure alone it's obvious that news organizations should grow up and stop trying to thread the needle by using imperialist legal views that were created through the lens of elites protection of other elites.
Cloud-boot-jar
What about Big State and Big Pharma?
Trivia: Economist Editor's eye make-up was done by her grand daughter
And you're phone has been hijacked by your 2yo nephew?
Listen I know we keep you busy up here in Minnesota where I am from we got bigger fish to fry right here at home and we're going to do it in the name of Sandra drift
Klobuchar doesn't have a clue. She was unable to suggest one piece of legislation which would reign in big-tech. Just hot air, rhetoric and generalisations. On the other hand, sometimes it's great to have ineffective legislators - at least they can do no harm.
I like the way she tries to sell the idea as pro capitalist but which in reality is closer to china's system, basically a state run pseudo capitalist system.
10:41 onwards can tell she is such a hypocrite.
これは全く聞き取れないよ
Never give up an opportunity to drag China in the picture. Talk about gatekeeper enterprises. The truth is China is actually taking steps to deal with their own big tech companies (e.g. Alibaba, Meituan) which are adversely impacting, among other things, small and medium business viability and fair competition ... fact-check Senator (assuming facts and truth still matters)
Amy Klobuchar likes Snow
Thumbnail is in another language
Klobuchar is her name
@@duncanhw oh ok
The more you know, the less you want to know....
It was ok. However the interviewer did not exploited the contradictions stated by Sen. Klobuchar. I may not like D.T. speeches; however, she is empowering censorship from the same monopolies she is trying to break.
There needs to be penalties for individuals. Put a few greedy psychopathic executives in prison. Their billions won’t help them there
i think she really wants to be president
So what u guys gonna do about Elon Musk space exploration monopoly...
There aren’t any captions on this video because Google doesn’t want people to understand what is being said
Today, I watched with captions
also the
SPECULATORS !
Guys, 3 things need to be done immediately. 1. Tax super rich and giant tech companies 2. No more monopolies by giant tech companies 3. Provide more welfare and better access to affordable housing to lower income workers
@@yMMahmood0990 change the tax code. see the historical economics of high taxes. We need to tax super rich or else the income inequality will keep increasing
@@yMMahmood0990 tried harder. u not trying hard enough. stop talking. walk the talk
@@yMMahmood0990 I have nothing against super rich. In fact, I'm from top 1% . I want gov to tax super rich more. Especially the inheritance tax
Trp
Can we fact check public education?
Ask China
Bruh reddit be lying to me about Amy Klobuchar, now that I've actually heard her talk she is way smarter than reddit Bernie Bro posts made it seem like
How did I know she would mention something like "misinformation"?
Politicians and wanting to regulate ideas, name a more iconic duo.
Why epic game didn't complain about high fees at the beginning of the collaboration with Apple, but they complain when they have money from the Apple Store?
Thank you 🙏🌹for 49 subscriber
Target 100
Jaldi se 50 aur karwa do
💔🖤
They hold a larger marketshare and have more power now.
catch-up dropkicks
2nd.
You are first
Laurel mark last MSI PTC last yeah keeping u hawk Marriott user hookup
Very balanced, matured and pragmatic view. Unlike the Left which says that Tech companies are evil, Capitalism is evil while using a products of tech & capitalism itself.
We need these kind of politicians.
You say that on a leftist news medium's video about a Democratic senator?
@@duncanhw Exactly my point, using innovation of Tech & Capitalism. And, that Democrat Senator did tell she admires Capitalism. So, she is probably a Centrist unlike the darlings of Left - AOC, Bernie Sanders, etc. We need her kind of sensible people who can bridge the party politics gap.
The economist has very clearly moved further left from their original stated ideology.
Increased regulation hurts the new guy when did new barriers help anyone it only helps established companies because established players can afford to take a hit
Maybe different regulations are needed for different size companies. I think the point the speaker is trying to make is about finding regulations that supports the new guy. Big Tech goes a long way to either stop small, innovative companies or try to acquire them and grow their monopoly.