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Maurice Stucke and Ariel Ezrachi, competition law professors and the authors of the book ‘Competition Overdose’, explain what healthy competition in business looks like as part of a series of articles on key themes from ICAEW’s Audit Manifesto. Maurice Stucke and Ariel Ezrachi have studied the nature of competition for years. As professors of competition law at the University of Tennessee College of Law and the University of Oxford respectively, they have a unique view on the nature of competition. They were – and are – great believers in the importance of competition, but both concluded that something was amiss. “There s always this talk about competition, but no one really asks if competition is always good,” says Stucke. “At first, we thought ‘perhaps it is only people around us who are just tired of being in this rat race’. We started questioning: is the competition idea delivering the promised prosperity? ....
Yves here. Get a cup of coffee. This is an in-depth but accessible discussion of how the Big Tech monopolists abused their powers to secure and perfect their advantaged positions. The good news is that the government sleeping giant has awoken to the threat they pose to its authority, and it pulling out antitrust weapons with the aim of cutting the monopolists down to size. Consider a conversation Alastair Mactaggart had among friends at a social outing. The San Francisco real estate developer asked an engineer working for Google whether we should be worried about privacy. “Wasn’t ‘privacy’ just a bunch of hype?” Mactaggart asked. The Google engineer’s reply was chilling: “If people just understood how much we knew about them, they’d be really worried.” ....