In “Tech Giants and Social Media Need Smart Regulation” (op-ed, Dec. 10), Jason Furman forgets that TikTok, Twitter, Snapchat and many other social-media businesses compete with platforms like Facebook and have enjoyed incredible growth despite the alleged barriers to competition.
The last thing America should do is follow in the footsteps of the U.K. or European Union, whose barriers to innovation have resulted in a dearth of successful technology businesses. Spotify today is the only leading global internet firm to have emerged from the continent. Almost 100 years ago, America tried the European approach, but it soon realized the “ask permission first, innovate later” approach hampered growth and competition. Instead, America has focused on protecting consumers and encouraging competition.
Perhaps our European and British counterparts want us to kneecap our own innovators to enable the success of their own.
Find the letter to the editor in the Wall Street Journal here.