Global corporate players are already lamenting the resulting regulatory fragmentation, suggesting this will deprive users of valuable services or at the very least increase costs that ultimately consumers will have to pay for.
Regulatory diversity does lead to higher transaction costs. But their innocent-sounding warning on behalf of the world's consumers is not only a bit self-serving. It's also analytically flawed.
If AI is the transformational technology that will generate huge windfalls and reconfigure our economies, perhaps even society as we know it, you can see why regulators at all levels want a piece of the action.
The way the internet has been regulated over the past three decades serves as a cautionary tale. Initially, the internet's core governance tasks were in U.S. hands.
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