To understand the future of Silicon Valley, cross the Atlantic
of a new world is at hand.” Ever since Thomas Paine penned those words in 1776, America has seen itself as the land of the new—and Europe as a continent stuck in the past. Nowhere is that truer than in the tech industry. America is home to 15 of the world’s 20 most valuable tech firms; Europe has one. Silicon Valley is where the brainiest ideas meet the smartest money. America is also where the debate rages loudly over how to tame the tech giants, so that they act in the public interest.
A key part of Europe’s approach is deciding what not to do. For now it has dismissed the option of capping tech firms’ profits and regulating them like utilities, which would make them stodgy, permanent monopolies. It has also rejected break-ups: thanks to network effects, one of the Facebabies or Googlettes might simply become dominant again. Instead the’s doctrine marries two approaches. One draws on its members’ cultures, which, for all their differences, tend to protect individual privacy.
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