The head of the IMF has called for policymakers to step up scrutiny of the market power of technology companies such as Amazon and Google, warning that they threaten innovation and productivity gains.
“It requires new thinking, for sure, and quickly,” Christine Lagarde, IMF managing director, said yesterday. “From competition we see productivity, we see innovation. Too much market concentration in the hands of too few is not helpful in the medium or long term.”
The call came at meetings in Washington of the IMF and the World Bank, at which fears over a trade war between the US and China and its effect on the global economy have dominated talks.
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