Time to Fix It: Developing Rules for Internet Capitalism

It is time for the technology industry to compromise on regulations — specifically around privacy, competition, and operational openness. Responsible corporate action must now extend beyond the voluntary commitments that have governed the first decades of the digital era. Since the earliest days of the internet, policymakers have been afraid to touch it, subscribing to the mythology that somehow they could break the magic. But the effects of digital dominance on privacy, competition, and openness are now clear for all the see. The alternative is that state legislatures will pass their own rules and international regulators who are more wary of Silicon Valley's power will continue to pursue aggressive limits on the industry, as just occurred with the EU's General Data Protection Regulation.