As the fourth industrial revolution (4IR) has become one of the central paths to military modernization, the ability of states to implement military–civil fusion (MCF) will likely factor more in how militaries gain advantages over their rivals. Critical 4IR technologies are increasingly viewed as key force multipliers. Many countries have adopted measures to promote MCF in order to exploit the 4IR for military needs but the implementation of MCF remains challenging. Constraints include differing priorities between the military and commercial sectors when it comes to 4IR and the reluctance of civilian enterprises to enter into technology partnerships with the military. Countries with restrictive, statist approaches toward economic development, such as China and India, may find themselves stymied by a culture that hinders innovation, as opposed to the United States and Israel where entrepreneurism, experimentation, and risk-taking are encouraged. Nevertheless, MCF is likely to become a core military-technological development strategy for most countries seeking great power status or who see technology as a critical force multiplier in national defense.

Many advanced commercial technologies increasingly offer new and potentially significant opportunities for defense applications that, in turn, could greatly affect military power and the metrics of military advantage over potential rivals. This book is grounded in two interconnected arguments. First, the technologies of the emerging fourth industrial revolution (4IR) will have a significant impact on future military effectiveness and advantage. Second, if militaries want to harness the technological potential of the 4IR, then they must craft a new kind of civil–military cooperation, which has become known as military–civil fusion (MCF). MCF will likely grow as a competitive strategy for nations seeking to exploit advanced technologies for military innovation and, subsequently, military advantage.

In recent years, the competition law community has become absorbed in discussions around the dominance of the largest digital platform companies: Google, Apple, Facebook, Amazon and Microsoft. Such discussions, for example about the meaning of power in the digital age, have helped to shift the field beyond its narrow focus on price and output effects. Yet, a crucial dimension is missing from the vast majority of commentary on competition law and the digital economy: the role of financialisation. Financialisation—understood as the hypertrophy and increased volatility of the financial sector, together with the reorientation of corporate governance around the principle of shareholder value maximisation—has important implications for the competitive strategies of the Big Tech companies, as well as who benefits from their economic power. Presenting quantitative findings on the corporate governance regimes of the Big Tech platforms, and drawing on insights from corporate law and heterodox economics, this chapter represents an attempt to integrate a financial capitalism perspective into the competition law analysis of digital markets.