{"id":7197,"date":"2022-09-29T19:40:52","date_gmt":"2022-09-29T19:40:52","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=7197"},"modified":"2022-11-10T12:47:35","modified_gmt":"2022-11-10T12:47:35","slug":"how-the-internet-went-wrong","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2022\/09\/29\/how-the-internet-went-wrong\/","title":{"rendered":"How the internet went wrong"},"content":{"rendered":"<p>\u201cCompetition is for losers,\u201d Paypal founder, early Facebook investor and bitcoin enthusiast <a href=\"https:\/\/www.wsj.com\/articles\/peter-thiel-competition-is-for-losers-1410535536\">Peter Thiel once said<\/a>.<\/p>\n<p>But now the monopoly power of the big tech firms has outgrown even Thiel\u2019s wildest dreams.<\/p>\n<p>In <a href=\"https:\/\/blubrry.com\/newmoneyreview\/89968174\/how-the-internet-went-wrong\/\">the latest <em>New Money Review<\/em> podcast<\/a>, I ask Vili Lehdonvirta, professor of economic sociology and digital social research at the Oxford Internet Institute, University of Oxford, whether we can loosen the tech platforms\u2019 grip on money and power.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7198\" src=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2022\/09\/Vili-Lehdonvirta-hi-res.png\" alt=\"\" width=\"505\" height=\"285\" srcset=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2022\/09\/Vili-Lehdonvirta-hi-res.png 1400w, https:\/\/newmoneyreview.com\/wp-content\/uploads\/2022\/09\/Vili-Lehdonvirta-hi-res-300x169.png 300w, https:\/\/newmoneyreview.com\/wp-content\/uploads\/2022\/09\/Vili-Lehdonvirta-hi-res-1024x578.png 1024w, https:\/\/newmoneyreview.com\/wp-content\/uploads\/2022\/09\/Vili-Lehdonvirta-hi-res-768x433.png 768w\" sizes=\"auto, (max-width: 505px) 100vw, 505px\" \/><\/p>\n<p><em>Vili Lehdonvirta<\/em><\/p>\n<p>Lehdonvirta is the author of a new book, \u201c<a href=\"https:\/\/mitpress.mit.edu\/9780262047227\/\">Cloud empires: how digital platforms are overtaking the state and how we can regain control<\/a>\u201d.<\/p>\n<p>In the podcast, we cover the reasons for the rise of huge internet companies like Google, Amazon, Apple, Facebook, Tencent and Alibaba.<\/p>\n<p>We discuss how the libertarian ideas of the early internet have long been lost, to be replaced by concerns over excessive corporate control and rising economic, social and political inequality.<\/p>\n<p>How should the increasingly powerful global digital economy be governed?<\/p>\n<p><a href=\"https:\/\/blubrry.com\/newmoneyreview\/89968174\/how-the-internet-went-wrong\/\">Listen to the podcast<\/a> to hear more on:<\/p>\n<ul>\n<li>the lost optimism of the early internet<\/li>\n<li>why eBay had to abandon its laissez-faire approach to managing its marketplace<\/li>\n<li>why the internet giants\u2019 CEOs are now more powerful than heads of state<\/li>\n<li>how the digital gatekeepers now regulate markets for private profit<\/li>\n<li>how cryptocurrency lost its P2P promise and recreated the banking system<\/li>\n<li>addressing the bigtechs\u2019 economic and political power<\/li>\n<li>the limits of public utility regulation and competition law<\/li>\n<li>how can nations deal with transnational platforms?<\/li>\n<li>why internet platform users may end up governing these systems<\/li>\n<\/ul>\n<p><em><a href=\"http:\/\/eepurl.com\/du6eTr\">Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n<p><em><a href=\"https:\/\/blubrry.com\/newmoneyreview\/\">Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n<p><span style=\"text-decoration: underline;\">Related content from <em>New Money Review<\/em><\/span><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/08\/02\/bis-warns-of-bigtech-takeover-of-finance\/\">BIS warns of bigtech takeover of finance<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/06\/30\/pay-attention-to-payments\/\">Pay attention to payments<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/05\/13\/the-smart-money-upheaval\/\">The smart money upheaval<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cCompetition is for losers,\u201d Paypal founder, early Facebook investor and bitcoin enthusiast Peter Thiel once said. But now the monopoly power of the big tech firms has outgrown even Thiel\u2019s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[2173],"class_list":{"0":"post-7197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized","8":"tag-vili-lehdonvirta"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the internet went wrong - New Money Review<\/title>\n<meta name=\"description\" content=\"Why today&#039;s giant tech firms squashed the early optimism about internet freedom - and what we can do to confront their power\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2022\/09\/29\/how-the-internet-went-wrong\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How the internet went wrong - 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