Perfect Failure in Pursuit of Perfect Competition

Source: American Institute for Economic Research
by Robertas Bakula

“Legislators in the European Union, who have long been losing the game of innovation to the USA and China, claim to have found the culprit for the continent’s failure: American Big Tech. They allege Big Tech companies create an unfair competitive environment in Europe, preventing small innovators from breaking into the market. To restore the ‘level playing field,’ the EU signed the Digital Market Act (DMA), which, starting on May 2, 2023, will heavily regulate ten American (and one European) technological giants. Since only one European company (Siemens) ranks on the list of the Top 20 most innovative firms in the world, Europe must pull itself together. But an outright attack on the most innovative companies is a rather peculiar way to promote innovation.” (11/21/22)