Last week, at the DCN Next: Summit, Scott Galloway who is a professor at the NYU Stern School of Business and Author of ”The Four“ and ”The Algebra of Happiness” had a lively conversation with Reuters Breakingviews columnist, Jennifer Saba. DCN’s annual Summit is a closed-door members-only event. However, Saba and Galloway have graciously agreed to allow us to share this session publicly.
Their conversation covers a wide range of topics, in particular antitrust – specifically as it relates to big tech. As Galloway said, historically, “A key step to tyranny [has been] the government being co-opted as opposed to being a countervailing force to corporate power.”
To do its job, “effectively, government has to be bigger and badder than any individual or company – and it isn’t any more.” Amazon now has over 100 full time lobbyists “educating our elected officials … about why they’re not a monopoly.” He points out that “We are in a very dangerous situation in which private power is going unchecked” and in which government resources to regulate growing monopolies is declining while these organizations’ investment in lobbying is their largest area of expenditure growth.
Their discussion also looks at government efforts (largely ineffectual) to rein in the power of big tech as well as to penalize them for their negligence, privacy breaches, role in the spread of misinformation and election interference. They also uncover the source of Galloway’s prescience in predicting the location of Amazon’s HQ2 and he makes some new predictions about shifts in Amazon’s business model.
Watch the full Jen Saba interview with Scott Galloway:
Breakingviews columnist, Jennifer Saba interviews professor and author Scott Galloway at the annual DCN:Next Summit