The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
When executives at the biggest U.S. technology companies are confronted with the argument that they have grown too powerful and should be broken up, they have a ready response: breaking up Big Tech would open the way for Chinese dominance and thereby undermine U.S. national security. In a new era of great-power competition, the argument goes, the United States cannot afford to undercut superstar companies such as Amazon, Facebook, and Alphabet (the parent company of Google). Big as these companies are, constraints on them would simply allow Chinese behemoths to gain an edge, and the United States would stand no chance of winning the global artificial intelligence (AI) arms race. That technology executives would proffer these arguments is not surprising, but the position is gaining traction outside Silicon Valley; even Democratic politicians who have been critical of Big Tech, such as Representative Ro Khanna of California and Senator