Italy's Consumer-Blind Trustbusting
After many decades in which antitrust enforcement adhered to the principle of consumer welfare, regulators have begun to explore new options for reining in Big Tech. But, judging by Italy’s recent fine imposed on Amazon, more dominant players may soon find themselves being punished for their success.
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MILAN – This month, Italy’s antitrust regulator, the Autorità Garante della Concorrenza e del Mercato (AGCM), fined Amazon €1.13 billion ($1.28 billion) for abusing its market dominance and forcing third-party sellers to use its in-house logistics service. The penalty is notably large, even for a company as huge as Amazon, which had global revenues of $386 billion in 2020 but net income of $21.3 billion.