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Facebook's collection of user data is unethical
Facebook needs to be regulated more strongly.
Facebook provides a product many users are addicted to, so social media companies should be
like other industries.
Facebook has access to sensitive information. What they can do with it, and how it can be used, should be regulated like it is with doctors, etc.
Facebook should be forced to split up into companies each operating in its own regime, governed and managed by a representative group of people in that regime who are not accountable to some central dictatorship.
Facebook has interests that conflict with the public good (profit, brand value, etc.).
Government regulation's purpose is to align incentives and penalties with the interests of the public.
Facebook is currently not regulated in the US beyond standard corporate regulation and specific consent decrees.
Facebook's recent actions and data misuse demonstrate that it is not prioritizing the public good. Regulation could correct that incentive structure.
Regulating a social media platform that is used by millions of people worldwide is an immensely difficult task. Each country must have laws against it and those countries must coordinate together. Some countries do not have the resources or the motivation to enforce such regulations.
The best regulation is competition.