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Technology is increasingly central to our lives in all manner of ways and is continuously opening up new possibilities. But who will most benefit from them? Some claim that tech companies and the products they develop are empowering ordinary people to take more control over their economic and social lives, enhancing their personal wellbeing and smashing up the old monopolies and economic power bases of the 20th century. But is this really the case? Without proper governance, the increasing role of technology in our lives and in our economy could change relations between people and institutions in a way that strengthens existing inequalities of power, rather than dissipating them. This paper explores the channels through which this could occur, the consequences of those changes, and some of the public policy questions that result.