The Biden administration has shown an early determination to tackle the power of Amazon, Google, Facebook and co. But is it already too late?

When historians look back on this period, one of the things that they will find remarkable is that for a quarter of a century, the governments of western democracies slept peacefully while some of the most powerful (and profitable) corporations in history emerged and grew, without let or hindrance, at exponential speeds.

They will wonder at how a small number of these organisations, which came to be called “tech giants” (Alphabet, Amazon, Apple, Facebook and Microsoft), acquired, and began to wield, extraordinary powers. They logged and tracked everything we did online – every email, tweet, blog, photograph and social media post we sent, every “like” we registered, every website we visited, every Google search we made, every product we ordered online, every place we visited, which groups we belonged to and who our closest friends were.