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Krugman Interview

How does Rockefeller’s dominance compare to companies today?

Paul Krugman
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Well there's nobody with the same level of dominance now. Even Microsoft doesn't dominate anything the way Standard Oil did, just because it was a smaller economy then. It was bigger than anything anybody had ever seen, up to that point but it was still much smaller than ours. Our world is just too big for anybody to have the same kind of dominance that Rockefeller had, or for that matter, that Morgan had in banking. It was just a smaller place. It was a little bit more this human scale, even if they were sort of super human humans. Amazingly, we do now see individuals who are Rockefeller-like in their wealth. We see companies--although it's funny, the biggest companies in terms of number of employees, in terms of actual sheer reach, though not stock market value, but the biggest companies are actually not at all like Standard Oil was then. They are at sort of the intervening period. General Motors is still the biggest employer and it's kind of a faceless corporation with no single individual associated as head. But now we do have the Gates's and the Ellison's and the founders of new fortune. So in a way, Rockefeller has come back.

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