We hear that if Facebook were a nation, it would be the third most populous on Earth. What we don't hear is that it would be less democratic, and more aggressively capitalist, than almost any nation on Earth. The default social surveillance setting would be used not only to generate revenue for its leaders, it would also be used to ferret out opposition and to stifle dissent (just like in the neighbouring dictatorship of Apple). I'm just saying... (anyhow, you don't want to miss this diagram of Facebook's privacy settings.)
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