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Krugman Interview

Who are the new robber barons?

Paul Krugman
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The first thing you notice is that there are a lot of people who have made hundreds of millions or billions of dollars while still fairly young, who have risen to head important companies that they themselves built, and who are arguably at least a little bit predatory, or enough that you can ask, are these guys really entitled to be where they are? I often think about it when I talk to friends I grew up with, friends I went to school with. You know people my age, when we were making career choices, thought of business as a boring, dull, unrewarding activity. Because in the early seventies, going into business meant going to work for a big established corporation, then slowly working your way up a hierarchy. And now all of a sudden we look around, there are all these guys younger than me, who are billionaires, and out of no place. And you say, gee, did I make a big mistake here? So it is really the age of the heroic entrepreneur to come back again. And at least some of these entrepreneurs seem to have made their money in ways that are a little bit suspicious. So it's the robber barons in a sort of kinder gentler form.

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