13 SEP,2020 | MEDC
New technologies often give a biased competitive edge to business conglomerates by further sharpening their innate unfair advantages. This is not in the best interests of society as economies of scale and scope and network effects produce winner-take-all outcomes, thus intensifying the already widespread inequality. It is obvious that the current regulatory framework – both at the micro and macro levels – is proving increasingly inadequate as far as containing the negative effects of many global technologies is concerned. Global governance and multilateralism will often fail, for both the right and wrong reasons. The best we can now hope for is a global regulatory patchwork, based on unambiguous ground rules that empower countries to pursue their core and legitimate national interests without fear of compromising their sovereignty. Either we design this framework ourselves, or we risk sliding soon into a more socioeconomically unsustainable world. The choice is clear.
*Photo Credit: Google