Doctorow suggests solutions to this issue in an interview with The Register, calling for regulations that prevent capital markets from supporting predatory pricing and acquisitions. He uses Facebook's purchase of Instagram as an example, stating that such acquisitions limit consumer choice and allow companies to maintain their dominance despite declining quality.
Key takeaways:
- The Macquarie Dictionary has chosen 'enshittification' as its word of the year, defined as the gradual deterioration of a service or product due to profit-seeking.
- The term was coined by writer and activist Cory Doctorow in 2022, who recently discussed potential solutions to this issue.
- Doctorow suggests the need for prohibition and regulation that prevents capital markets from funding predatory pricing, making it difficult for new entrants in the market.
- He also calls for a prohibition on predatory acquisitions, citing Facebook's purchase of Instagram as an example.