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Krugman Interview

What is Rockefeller’s current status among experts?

Paul Krugman
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The funny thing is I think he seems kind of an antique figure. If you actually ask, who is the founder of the giant corporation, we don't look back to Rockefeller anymore. We look back probably to Alfred Sloane, who put together General Motors, who was not himself a vastly wealthy man and never became one. And he was not a huge public figure. In a way, the age of the robber baron went away. The robber barons faded into the background. And we now look back towards the original men in gray flannel suits who founded the big bureaucratic companies that dominated our economy up until the 1980s. Economists also I think are lagging behind. I don't think we've fully noticed that the robber barons are back and that in some sense, that Bill Gates or Larry Ellison are the spiritual descendants of John D. Rockefeller. I think if you went around and asked my colleagues, what do you think of the organization and career of John D. Rockefeller, they probably wouldn't know that much about him, because it seemed like he was, you know, it's like talking about Henry the Fifth or something. He's a historical figure of no relevance, except he is.

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