“What be­gan as a lais­sez-faire at­ti­tude of be­nign ne­glect – largely a re­sult of ig­no­rance and inat­ten­tion – is evolv­ing into some­thing more force­ful. As tech firms reach sys­temic im­por­tance, at­ti­tudes to­ward them change markedly”

Financial Mirror (Cyprus) - - FRONT PAGE -

only more pro­found.

Big Tech can and should play a larger role in help­ing the en­tire econ­omy to evolve in an orderly and mu­tu­ally ben­e­fi­cial man­ner. This will re­quire, first and fore­most, that they in­ter­nalise their own sys­temic im­por­tance, and ad­just their per­spec­tives and be­hav­iours ac­cord­ingly. But it will also de­mand far bet­ter com­mu­ni­ca­tion, with firms’ ob­jec­tives and op­er­a­tions be­com­ing much more trans­par­ent. And, fi­nally, it will call for a com­mit­ment to en­hanced mon­i­tor­ing both of them­selves and of their peers, to­gether with more ef­fec­tive col­lec­tive ac­tion, as ap­pro­pri­ate.

If the tech sec­tor fails to make such changes, gov­ern­ment over­sight and reg­u­la­tion will in­evitably in­ten­sify. And it is far from cer­tain that the net re­sult will be pos­i­tive for so­ci­ety, much less for busi­ness.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.