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The proliferation of data into different fields of the economy presents opportunities for economic growth sorely needed in the European Union (EU). Better use of data permits firms to improve the quality of their products, increase efficiency, lower prices, and develop new products and services that bring enormous benefits to consumers. But with these opportunities comes a problem: how to protect competition in digital markets?
There is a growing concern that the tools used to identify anticompetitive practices in traditional industries will not work well when applied to the data economy. Tim Wu, Professor at Columbia Law School, for example, argues that the reason for the emergence of highly concentrated markets—in which a small number of tech companies holds significant market power—lies in the weak enforcement of antitrust law that has failed to keep up with the developments brought by digitalization.
As part of the ongoing World Bank Industry 4.0 Flagship Report, our background paper looks into the challenges of applying antitrust law to digital markets. Our objective was to identify policy directions that could foster the development of a competitive data economy in the EU.
EU vs. US Approaches for competitive data economies
There have been several proposals on how to promote and maintain competition in digital markets. In the United States, presidential candidate Elizabeth Warren is talking about ways to break up or curtail the so-called tech giants. Others…
Read the rest at the ‘Source of the original article’: The Brookings Institution (webfeeds.brookings.edu).
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