The problem isn’t that they’ve grown too powerful, it’s that they either haven’t recognized their own power or have willfully rejected the responsibility attached to it.
There is no responsibility attached to it, at least not legal responsibility. Even that isn't enough for anyone that gets to powerful and beyond enforcement.
The truly sad thing is that you expect them to act responsibly. Companies will (and have) work children to death if it helps maximize output, if you expect them to act benevolently then prepare for disappointment.
In an ideal capitalist free market companies are almost necessarily amoral (Friedmann doctrine ), they can only make choices based on profit. In real life you have barriers to entry and PR concerns that let companies at least pretend to waste some profit-making opportunities on doing good.
I don't know if the right answer is consumer unions, or benevolent government regulation, or giving up and making do with what we have, but this discuss I see on this issue seems so polarised (not unique) that progress will be hard to come by.
Is it though? We've got a couple of hundred years of case history now and been proven time and time again they kind of depravity companies will do.
It seems we finally kind of got the balance right post world war 2 and it's all been backwards since.
I can usually see the other sides point of view but it's starting to feel like the other side are anti-vaxers where I understand their fears (the same corporatism fear I'm expressing here) but can't grasp how they reached their conclusion.
I think the question is what to do about it, not whether it's happening. We have reams of evidence that it's happening, and "doing good" for PR reasons is just more of the same - it's more important to look good than to be good, and looking good without being good is more profitable and thus more desirable.
Unfortunately, because so much of our media runs in the same system, it can be difficult to have a clear conversation on the topic.
The current (capitalist) system uses self interest and profit as an incentive, and we see where that got us. We can mitigate some issues with tweaks like regulation, but it's also valuable to ask more fundamental questions. Is there a different incentive other than profit we can use? What are the effects on society of the incentives we use? What values do we want to promote? How can we do that?
The difficulty of having this complex and nuanced discussion shouldn't discourage us from having it. We must find our way together.
That said, decades of social pressure led up to those laws being passed. It's not enough to sit idly by and let Congress solve these problems on their own.
That's not true at all. There is always responsibility attached to power.
"The truly sad thing is that you expect them to act responsibly"
Why? Why is it sad that a person would expect other people to act responsibly? Why is it considered fine to have such a low opinion of everyone?
"Companies will (and have) work children to death if it helps maximize output"
And society put pressure on them to change that. And in much of the world, that doesn't happen anymore.
The whole debacle around Cambridge Analytica and political ads on Facebook is basically the consumers saying; "Congratulations Facebook, you conquered news publishers by piggy backing my cousin's puppy pictures! Did you know I expect responsibility from publisher's? As in, when I see slanderous information slung around at near the speed of light, someone better take responsibility for it."
To do otherwise is to guarantee regulation, and then Facebook would really care.