I think the difference is that the technical barons are easy to replicate, relatively speaking. Also, wealth moves internationally much easier than it did then. So we tax the fooooook out of Facebook et al, then what? Google and Facebook and co move servers and offices to Ireland? Or maybe Monaco? So, do we setup Great Firewall like China?

While I wouldn't be adverse to monopoly busting legislation in principle, actually doing it in a manner that doesn't simply create a billion rules and barriers of entry is also an issue. Telecom is a good example of my fears - instead of investing and regulating in a manner that promoted competition, our govt instead aided and abetted the monopoly machines - and political will turned towards 'net neutrality' to try and police the monopolists.

If you recall I used to be an opponent of NN, not because I think people should be squeezed by rent seeking telecoms, but because if dealing with the telecoms relies solely on the political will of the moment to keep them in line, we've already lost. We failed to foster an open, competitive telecom environment, and now we get to pay for it for a very very long time. I fear a similar occurrence in regards to trying to regulate other sectors.

Its not that it is impossible, but the devil is in the details - and I think our voting public is incapable of sifting through those details to obtain a good outcome, just like the voting public was incapable of recognizing that maintaining open and competitive telecom scene was paramount, and instead jumped on the NN bandwagon back when it was still extremely possible to actually engender a competitive telecom market.

I sure wouldn't mind being proven wrong, but have a hard time seeing how it could be different going forward.

For who could be free when every other man's humour might domineer over him? - John Locke (2nd Treatise, sect 57)