It is evident that with digital technologies, the economic system has entered a new order. Business models are undergoing a radical revolution, which, due to digitalization, is spreading across all economic sectors. That is, this transformation is not only occurring in high-tech industries but also in traditional manufacturing and agriculture-based sectors.

Some social scientists have termed this new era “Surveillance Capitalism.” As the name suggests, this is because everything we do and every word we speak is being recorded in the digital world. Those doing the recording are a few tech giants like Google, Microsoft, Meta (which includes Facebook, Instagram, WhatsApp), and Amazon.

By using the products of these giant companies, we are essentially providing them with information about our age, gender, purchases, occupation, hobbies, and many other personal characteristics. These companies then use this data, along with technological capabilities, for advertising campaigns and sales processes. For example, after making a hotel reservation in a city, we might find that airfare prices are higher for us. Or, we might encounter different prices for products based on our hobbies. We might even see ads tailored to our interests.

Undoubtedly, while these practices increase corporate profits, they negatively affect consumer welfare. However, because we agree to give our data through the terms of service when using services like Google or Instagram, there isn’t much we can legally do about it. Here, the core issue comes down to the functioning within the framework of fair competition rules and laws. Google, which controls 90% of the search engine market, can easily impose its demands on both consumers and the companies that use its services due to its dominant position. Similarly, operating system providers like Microsoft and Apple can disrupt competition rules by using their monopolistic power.

In the age of Surveillance Capitalism, big data is considered the new oil, encompassing every aspect of our lives and a significant portion of the world’s population. Network effects allow a few companies to gain this power. Now, competition law and policies must cease to ignore tech companies, and violations of competition in digital environments should be monitored, investigated, and, if necessary, penalized just as they are in traditional sectors.