The Internet has rapidly changed the face of economies, politics, and national boundaries. Economist T.J. Styles argues that the process to regulate these is not nimble enough to keep up. Data is being stolen on a daily basis in the wake of little regulation and no accountability, and then there is the data that can’t be seen…
In the face of these changes, a society has emerged that thrives on this free gift of knowledge. There is no currency, passport or ethical guide that can block an Internet browser. This has provided a breeding ground for new businesses who are growing astronomically due to the lack of boundaries once imposed by limited or regulated resources. Powerful industries who lobbied their causes and meticulously built long term strategies, spending billions of dollars to ensure their future have come to a sad realization — none of that matters as much anymore.
“We need to work out how to create an environment to enable competition in a digital information world." – Dr. Martin Moore
The Internet will be tamed eventually, but society will never be the same. So the question is how do businesses play fair together where there is a lack of rules or regulation? Should the most successful companies be forced to share the personal data of customers so that their peers can provide new boundaries? Paul Krugman hosts a panel of economists with an interesting spin, “What would you like to know in your sphere, TJ about how Amazon runs its business and structures the market for your books that would empower you to know what the right thing to do is?”
“The most important thing is transparency, and Amazon is a complete black box." – T.J. Styles
“They are not seeing outside their own bubble, their own community, their own like minded. Now people have tried to do research on this to understand whether there is a Face-bubble effect — we can’t, we can’t. Particularly with Facebook because it’s opaque. Facebook has commissioned its own research…" – Dr. Martin Moore
This is only the beginning of an epic conversation that will evolve over the next few years as representatives from big innovators like Amazon, Apple, Facebook and Google publicly weigh in.