With billionaires like Elon Musk and Jeff Bezos circling in President Trump’s orbit, we are witnessing a new age of extremely wealthy business owners seeking to expand their influence on the government. The robbers barons of the late 19th century—JP Morgan, Cornelius Vanderbilt, John D. Rockefeller and Andrew Carnegie—had nothing on these fellows.
As we moved into the mid-20th century, the wealthy wanted to hide their wealth—as if they were like everyone else. When Fortune magazine first published its list of the wealthiest Americans in the 1970s, the people listed weren’t happy about it. They wanted that information kept private.
Things are different now. Society, it seems, is on a new wave of revering people of great wealth, and wealth is seen as an indicator of wisdom and intellect, and men like Musk and Vivek Ramaswamy act as if they know everything, even when it comes to running the federal government.
But the difference between running a business and running the government is huge. With a business, there is one goal: profitability. With government comes the obligation of doing the greatest good for the greatest number of people. It’s rare to see a business person who can make that kind of transition.
Men like Musk and tech moguls Peter Thiel and Marc Andreessen exhibit a libertarian ideology. They seem to think they don’t owe anything to anybody, never mind how they may have made their money or who helped them get their start. And they don’t want to be hampered in any way in how they do business, and so they resent government interference.
These titans of business are poised to exert their influence in ways we haven’t seen before. Just take a look at who was seated closest to President Trump during his second inauguration.
Listen to our conversation with Steve Conn, professor of history at Miami University.