Shervin Pishevar identifies Facebook as one of the 5 monopolies stifling economic growth. All are US companies. America has been considered the land of opportunity. Unfortunately, the world changed to where a few corporations exert significant control over its resources. Opportunities still exist, but global monopolies threaten the future of opportunity. Shervin Pishevar recognizes this.
Facebook is a true behemoth. Only such a large corporation could have crossed privacy lines with such magnitude as to echo throughout the world. Both the US and Europe are examining Facebook’s handling of private information.
The influence of monopolies extend beyond their business operations. This a primary reason why they have, at least, a certain amount of social responsibility. Facebook’s lackadaisical attitude toward sharing private information is more significant than most people consider. If not properly dealt with, it could set a precedent that finds Twitter and other social media platforms dismissing the rights of individuals who trust their information to these entities.
Since these social media giants influence global culture, privacy infringement could spread quickly. It is unknown what the lack of privacy and ownership of personal information would mean for the world, but there is a historical context to draw from. The United States Constitution acknowledges how important privacy is to a free economy. The nation grew strong, in part, because of this liberty. If the right to privacy and private property were suddenly revoked, there would be an uproar on a global scale.
The abysmal handling of private information by Facebook did not reach the level that Shervin Pishevar warns of. At least not yet. Social media is a global phenomenon. Its impact on modern culture is as integral as any pattern of behavior in existence today. Monopolistic influence on social media is a very important issue, even when privacy is protected. Similar to advertising on television, it has the potential to shape the thoughts of the masses. Social media platforms are supposed to empower individuals who have experiences to share. However, as Shervin Pishevar points out, a few in charge of this system can contradict the original intent.