Unregulated monopolies

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Web Science[1]

An unregulated monopoly has control over something and can do just about whatever it likes. [2]

For a true monopoly to be in effect, each of the following characteristics would typically be evident[3]:

  • A sole provider of a viable product or service.
  • A lack of any close substitutes for consumers to choose from.
  • High barriers to dissuade the entry of any potential competitors.


In my opinion, there is valid question if google, amazon, microsoft, apple, and facebook meet the technical definition of a "monopoly". I'm not sure they do.  The IB says, in the teachers guide "The web is creating new multinational online oligarchies.".  I'm unsure about this. However, we should be aware there is potential for abuse, especially if the only place you go for news or information is google. 

Do you understand this?

Standards

These standards are used from the IB Computer Science Subject Guide[4]

  • ExplainGive a detailed account including reasons or causes. why the web may be creating unregulated monopolies.



References

  1. http://www.flaticon.com/
  2. https://www.quora.com/What-is-the-difference-between-a-regulated-monopoly-and-an-unregulated-monopoly
  3. http://www.investinganswers.com/financial-dictionary/economics/monopoly-943
  4. IB Diploma Programme Computer science guide (first examinations 2014). Cardiff, Wales, United Kingdom: International Baccalaureate Organization. January 2012.