![A view of the Silicon Valley skyline view. [Shutterstock - IM_photo]](https://images.dailycaller.com/image/width=960,height=411,fit=cover,f=auto/https://cdn01.dailycaller.com/wp-content/uploads/2018/02/SiliconValleySkylinePower-e1518112761821.jpg "A view of the Silicon Valley skyline view. [Shutterstock - IM_photo]")
Scott Galloway, a marketing professor at New York University’s Stern School of Business, wrote a piece for Esquire published online Thursday detailing all of the ways he thinks the U.S. tech industry is essentially poison for America.
“These behemoths enjoy unfettered economic domination and hoard riches on a scale not seen since the monopolies of the gilded age,” Galloway argued. “The only logical conclusion? We must bust up big tech.”
After conceding that he, and the U.S. economy, immensely benefitted from tech firms like Amazon, Apple, Facebook, and Google, Galloway outlined all of his reasons the government should intervene in the private sector — a big argumentative leap to make in a country that seriously reserves antitrust enforcement.
He highlights how all four of these companies, and especially Facebook, paid a fraction of corporate tax relative to their incomes compared to the S&P 500 average. They aren’t the only ones to be accused of lax tax imposition (i.e. General Electric), however, Galloway says “the Four” are especially “frightening” because of “the destruction of jobs”
“Granted, we’ve seen job destruction before. But we’ve never seen companies quite this good at it,” wrote Galloway, who often gives speeches in the same vein as his op-ed. “Big tech’s job destruction makes an even stronger case for getting these firms to pay their fair share of taxes, so that the government can soften the blow with retraining and social services. We should be careful, however, not to let job destruction be the lone catalyst for intervention.”
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Galloway’s underlying argument is that intervention is necessary because “markets are failing, everywhere,” and these firms have become “(un)natural monopolies.”
Galloway is certainly not the first to suggest such a drastic prospect. The Daily Caller News Foundation detailed a steadily growing newfound skepticism, even hatred, of Silicon Valley, showcasing how the intensifying successes of these tech companies have made strange bedfellows of key observers on the right and left ends of the political spectrum.
From liberal media outlets like Gizmodo and its affiliates, to publications with conservative audiences like The Daily Caller, sites with all sorts of political leanings have published opinion articles claiming it’s time to break up Silicon Valley or at least certain big players within the tech hub.
Likewise, officials for former Presidents George H. W. Bush and Bill Clinton administrations, respectively, have ignited the warning beacons of tech corporations’ purportedly pernicious power.
Send tips to eric@dailycallernewsfoundation.org.
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