Head over to stratechery for their take on the $2.7 billion antitrust fine the European Commission levied on Google.
Ben explains the nature of the digital monopoly:
"the unique dynamics of the Internet push towards dominant players that look very different from the monopolies of the past"
"In the physical world, limited by scarcity, economic power comes from controlling supply; in the digital world, overwhelmed by abundance, economic power comes from controlling demand"
Long-time readers of Stratechery know that I have shifted my position on antitrust over time. At the end of the day, I tend to agree with the European Union that competition is an end worth pursuing in and of itself, and that antitrust regulation is fundamentally different from the sort of red tape that limits entrepreneurship. Indeed, it is directly opposed: red tape regulation entrenches incumbents and limits new entrants, while antitrust regulation limits incumbents and enables new entrants.
And the original press release: