Irresponsible Exercise of Power by Facebook and Amazon

Final Exam Essay
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Irresponsible exercise of power by Facebook and Amazon
Facebook and Amazon are not exercising their power responsibly. A House Judiciary Committee investigation found that Facebook and Amazon had irresponsibly used their market power (Washington Post, 2020). The report recommended that the US Congress should change IT regulations. That is a move that can potentially break up the two giant firms. Consequently, Democratic lawmakers want Congress to rein in Big Tech, possibly compelling Facebook and Amazon to break up their companies while also making it more difficult for them to acquire others and enforcing new competition regulations.
Alternatively, forcing such breakups through a legislative change would be a bold move by Congress against a dominant sector. For decades, the tech firms like Facebook and Amazon have gotten away with light regulation and the star status in the USA ("Big tech's domination of business reaches new heights," 2020). Still, they are now facing increased scrutiny and contempt over issues like hate speech, customer privacy, and competition. For instance, Facebook has monopoly power in the social media sector. According to the report, Amazon and Facebook have "durable and significant market power" in the US online retail industry and other mobile app stores and operating systems. According to some critics of the corporations, the businesses that should get considered for divestiture are Facebook's WhatsApp and Instagram services and Amazon's Android mobile operating system (Washington Post, 2020).
Additionally, the two companies allegedly misused their market power by imposing strict contract terms, charging outrageous fees, and extracting valuable data from businesses and individuals who rely on them. Therefore, I urge that the two influential tech firms should get separated from their parent 'corporations' other activities. Consequently, the two platforms should get forced to provide all users with similar terms for comparable services and products. The laws should get changed to prevent future misuse from setting a higher bar for future acquisitions and mergers in the tech industry.
Facebook and Amazon play a positive role in society.
Facebook and Amazon have continued to play a significant role in society. For instance, working professionals typically want to acquire new computers or smartphones from a cutting-edge, high-end, advanced platform Amazon. Consequently, when your siblings need new headphones, they purchase them on Amazon with a single click. One browse through their Facebook feeds because many of us choose to spend a significant amount of time on social media. These two firms, which are the cornerstones of Big Tech, significantly impact our daily lives and have radically redefined how we work. Through innovative technology, Facebook and Amazon have had a huge and positive impact on society.
According to Scott Galloway, to sell their products and services, Facebook and Amazon have tapped into our basic inclinations – cravings for consumption (Amazon) and love (Facebook). Facebook and Amazon are immensely dominating in their respective industries, ...