CMA too aggressive in Big Tech regulation
IEA research quoted in The Herald
Matthew Lesh writes for City AM
Cento Veljanovski writes for CapX
“The UK’s competition watchdog – the Competition and Markets Authority (CMA) – has got itself in a pickle with its controversial decision to block Microsoft’s acquisition of Activision, a producer of console games such as Call of Duty.
“The CMA’s new worldview is the ‘precautionary principle’, which holds that any risk to future competition – no matter how remote, speculative and hypothetical – requires intervention if it appears to give Big Tech the ability to introduce new services.
“Hayek viewed the economy as a complex, dynamic, evolving system that could not even be fully known to technocrats, let alone directed by them. Big and small tech companies are not sleepy monopolists – they are dynamic and innovative, investing massive amounts into R&D, and generating huge consumer benefits.”
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