Not long ago, Americans were afraid of Big Oil. Then it was Big Banks. Now Big Tech is coming under attack.

There is a growing sense that something should be done about the growth, largely unchecked, of tech giants and the impact they are having on the economy, employment, privacy, news (fake and real) and income inequality. The problem is, nobody knows what action should be taken.

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It’s hard to show how consumers are harmed when Google and Facebook charge them nothing or when Amazon.com delivers products faster and at lower prices than competitors. “The reason Amazon is pushing companies out of business is because people love it,” said Doug Melamed, a professor at Stanford Law School. “Antitrust (regulation) is going to applaud that. They built a better mousetrap.”

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Melamed sees it differently. “Why are none of these big innovator companies European? It could be precisely because European competition law is more aggressive.”