The controversy that has been unfolding on social media involving the European Commissioner for the Internal Market, Thierry Breton, and the owner of X (formerly Twitter), Elon Musk, has a deeper meaning than meets the eye.
GDPR restricts individual freedom and imposes unreasonable requirements on everyone, especially on small and medium-sized enterprises, where individualism often thrives.
I came across a statement that surprised me with its boldness. It claimed that in 2008, the economic strength of the eurozone was roughly at par with that of the US.
The European Commission has made the first move in the great game of digital regulation. And naturally, it decided to go after the biggest player of them all – Apple.
This paper explains why additional taxes on the turnover of companies with a large digital presence would be disproportionate, discriminatory and damage the European economy. They would further complicate the tax system for no obvious benefit, but substantial costs.
It is claimed that robots, algorithms and artificial intelligence are going to destroy jobs on an unprecedented scale. These developments, unlike past bouts of technical change, threaten rapidly to affect even highly-skilled work and lead to mass unemployment and/or dramatic falls in wages and living standards, while accentuating inequality.
The rise of the ‘tech giants’ is, of course, a significant commercial threat to more traditional media, but it also raises some potentially important issues of public policy. These companies have variously been accused of facilitating the spread of ‘fake news’ and extremist material, dodging taxes, and exploiting their market dominance.