“Facebook can’t chop people’s heads off and it has to obey the laws of the jurisdictions where it operates, but, even so, it faces a version of the problem that plagued the Stuarts. Facebook can unilaterally and arbitrarily change many of the laws of its realm (terms of service and market making algorithms among them).
Even if you feel manipulated, there may not be much you can do about it. Network effects — which Facebook has gone to great lengths to reinforce — lock both businesses and users into Facebook, even if they all individually might prefer a different system of rule. As with citizens of traditional states, users of Facebook can exit if they wish, but it is extremely difficult.”
Interesting read: Facebook might be more like a government than a corporation.