In the culmination of technology’s expansion, four companies have been placed above the rest as a result of their substantial growth: Apple, Amazon, Google, and Facebook. Due to each companies’ vast role throughout our world’s markets, the four businesses have been labeled as Big Tech when referenced to. Although the expansion of these companies may seem positive for the global economy, their industry dominance is perceived by many as the exact opposite. By becoming market leaders throughout the tech industry, the companies have forced out many other competitors leading to a tremendous decline in competition. If antitrust regulators would’ve noticed this issue sooner, they could've acted on laws that would have restricted each company’s growth. Instead, the public’s concerns for the market have increased, and many feel that the government must intervene in order to break up Big Tech.
globalEDGE Blog - By Author: Cameron Cieslik
Over the past decade, undetected corruption has lead to instability throughout markets around the globe. In 2012, many banks began to struggle as a result of the London Interbank Offered Rate. More commonly referred to as LIBOR, this interest rate serves a much larger purpose than any other before it. The rate acts as a benchmark for almost all other interest rates to be based on throughout the world. However, due to the rate fluctuating for unknown reasons throughout past financial crises, suspicions emerged questioning its reliability. These speculations ended up leading to an investigation of a global market manipulation scandal that came to light in 2012.
Expert analysts predict tough times ahead for the world’s global economy. Although only predictions, there are many factors throughout the world that support these anticipations of the future; undoubtedly, the most significant is the number of nations at risk of entering a recession. If the predictions were to end up being correct, factors like this would be the prime cause of what experts are calling a “global recession.”
In the continuously growing global market, two key factors have led to new competition in the technology industry: trade war, and artificial intelligence (AI). The Hanguang 800, Alibaba's first AI chip, has the potential to affect the global market as it continues expanding the possibilities of what the world may become through AI. This extremely advanced AI processor was not expected to be produced in China for at least another year; however, the trade war between the U.S. and China forged new competition in the technology industry, leading to increased innovation.
Thomas Philippon, French native, moved to the United States in 1999 to pursue a graduate’s degree. While in the U.S., he noticed that cell phone plans and airfare were much more expensive in comparison to the prices in France. Twenty years later, he discovered that these prices were not only lower in France, but in Europe and Asia as well.