Some limitations were placed on Microsoft’s behavior, such as a requirement that it share certain programming information with third-party companies. The appropriateness of that remedy is still debated. But what we do know is that the remedy pushed Microsoft to act with more caution, creating an essential opening for a new generation of firms.

It might seem like a cruel irony that the immediate beneficiaries of the Microsoft antitrust case — namely, Google, Facebook and Amazon — have now become behemoths themselves. But this is how the innovation cycle works: It creates room for saplings to grow into giants, but then prevents the new giants from squashing the next generation of saplings. (Microsoft was itself, in the early 1980s, the beneficiary of another antitrust case, against IBM, the computing colossus of its time.)

Which takes us to the present day. Unfortunately, ever since the Microsoft case there has been remarkably little oversight of the technology sector, despite the obvious signs of corporate consolidation and outsize market power. Enforcement of the antimonopoly laws has fallen: Between 1970 and 1999, the United States brought about 15 monopoly cases each year; between 2000 and 2014 that number went down to just three.

Antitrust efforts have become too fixated on the idea that the only real harm consists of raising of prices for consumers. Yet in the Microsoft case, Internet Explorer was “free,” even though Microsoft was bent on destroying competition with it. Today, both Google and Facebook offer products that are free. Society has grown to rely on them, but because they have no dollar price, antitrust regulators have been hesitant to take action.

Any American can tell you that there is no free lunch. Everything has a price. We pay for these products and services with our time and our data. And like Microsoft, these firms have come to exert too much control over our shared technological future.