Biden signed an executive order to promote competition

US President Joe Biden signed an executive order this week to promote competition. The pressure should increase, especially for technology giants. It is these that the US administration accuses of "undermining competition". "Capitalism without competition is not capitalism. It is exploitation," Biden said at the signing of the executive order. The order includes a total of 72 regulations and recommendations, which should be applied by approximately 10 institutions. According to the US government, the problems in this area have increased recently, mainly because large technology corporations are collecting too much personal information, buying up potential competitors and abusing their dominant market position at the expense of smaller companies. For Biden, therefore, one of the main objectives is to increase control over mergers and acquisitions in the technology sector. It is technology corporations that are often accused of so-called "killer acquisitions," which aim to get rid of a competitor through a purchase. "Without healthy competition, big players can do whatever they want and treat others the way they want. For many Americans, this means they are forced to accept unfavorable conditions just to have access to things without which they cannot. exist, "the president said. Competition should also be improved in other areas, such as the agro-sector, tourism and health. As a result, Americans should gradually pay less for the Internet, access more drugs or devices without a prescription, or get a refund from airlines faster. However, an executive order does not mean that the recommendations will take effect in the near future. It is possible that some regulations will be rejected by the company from the affected areas and they will go to court.