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In an op-ed for the Financial Times, Carlos Nicholas Fernandes argues market-based regulation is the best way to rein in tech companies through their terms of service. Fernandes believes tech companies will be able to maneuver their ways around government regulations, and poor rules could hurt a country’s ability to compete. Fernandes pitches a rating agency to review and grade tech companies’ terms of service as a way to boil down long legal documents most users ignore. “We should force companies to make trade-offs between unfettered rights over their users and the reputational cost arising from such a demand. That tension would go a long way towards ensuring the technology industry acts justly and respectfully towards its users, without compromising or constraining some of the advancements in society that they have helped drive,� Fernandes writes. (Registration may be required to access this story.)
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