Digital Sovereigns Big Tech and Nation-State Influence

TL;DR

This paper explores how major tech companies have gained sovereign-like influence, affecting global governance, politics, and society, and discusses potential policy measures to regulate their power.

Contribution

It provides a comprehensive analysis of the rise of tech giants as quasi-sovereign entities and proposes regulatory frameworks to address their overreach.

Findings

Tech companies act as quasi-governmental bodies

Unregulated influence threatens democratic governance

Policy recommendations for regulating corporate power

Abstract

Technology companies have gained unprecedented power and influence in recent years, resembling quasi-nation-states globally. Corporations with trillion-dollar market capitalizations are no longer just providers of digital services; they now wield immense economic power, influence global infrastructure, and significantly impact political and social dynamics. This thesis examines how these corporations have transcended traditional business models, adopting characteristics typically associated with sovereign states. They now enforce regulations, shape public discourse, and influence legal frameworks in various countries. This shift presents unique challenges, including the undermining of democratic governance, the exacerbation of economic inequalities, and the enabling of unregulated data exploitation and privacy violations. The study will examine critical instances of tech companies acting as quasi-governmental bodies and assess the risks associated with unchecked corporate influence in global governance. Ultimately, the thesis aims to propose policy frameworks and regulatory interventions to curb the overreach of tech giants, restoring the balance between democratic institutions and corporate power and ensuring that the digital future aligns with the public good rather than creating Frankenstein-like monsters.