Regulation is always a step behind the march of progress
An analysis of technological as well as economic progress in the face of regulation sheds new light on the driving forces behind innovation, or the limits of policies.
The prevailing belief for decades has been that monopolies harm competition, strangle innovation and dominate markets to the detriment of consumers. Yet some recent, and older, examples challenge this simplistic view. From Microsoft to Apple, via the rise of Linux, the history of technological progress demonstrates that dominant positions can paradoxically encourage the creation, and even the emergence, of genuine revolutions. Take Microsoft and its hegemony with Windows. In the 90s, the worldwide domination of this operating system was indisputable. This monopoly certainly gave rise to antitrust complaints, and even led to a major lawsuit in both the United States and the European Union. But it was against this backdrop…
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