#BigTech#SiliconValley#Antitrust#Competition#DigitalPlatforms: "Treating platform corporations as surrogate states leads to multiple interesting follow-up insights. Lehdonvirta criticizes competition policy-based solutions to the problem of platform power. If the digital platforms’ core source of value is the provision of governance services, how exactly would increasing competitive pressures or government-enforced deconcentration benefit societies? Among the most fascinating follow-up insights is Lehdonvirta’s take on the political power of platforms. The literature on platform power has—rightly—been focused on the extremely successful ways in which these businesses were able to enlist consumers and users into political-economic alliances against public regulators and incumbents (Culpepper and Thelen, 2020; Adler, 2021). Lehdonvirta’s take is not incompatible, but slightly different. In important ways platforms have become the institutional infrastructure of core swaths of the economy. While the book does not engage with the recent literature on financial systems, its account takes the recent debate about the infrastructural power of business to a new field. Even more striking than in financial markets, however, cloud empires are not just providing the ‘fuel’ to govern markets effectively but have themselves become essential components of the institutional fabric of commercial life today. It is this infrastructural role that helps to explain why there is very little public surprise when platforms feel entitled to maintain embassies in ‘foreign nations’."
