Came across this earlier; it has some good lessons for all of us. =-=-= Robber barons and silicon sultans =-=-= "IN THE 50 years between the end of the American civil war in 1865 and the outbreak of the first world war in 1914, a group of entrepreneurs spearheaded America’s transformation from an agricultural into an industrial society, built gigantic business empires and amassed huge fortunes. In 1848 John J. Astor, a merchant trader, was America’s richest man with $20m (now $545m). By the time the United States entered the first world war, John D. Rockefeller had become its first billionaire. In the 50 years since Data General introduced the first mini-computers in the late 1960s, a group of entrepreneurs have spearheaded the transformation of an industrial age into an information society, built gigantic business empires and acquired huge fortunes. When he died in 1992, Sam Walton, the founder of Walmart, was probably America’s richest man with $8 billion. Today Bill Gates occupies that position with $82.3 billion. The first group is now known as the robber barons. The second lot—call them the silicon sultans—could face a similar fate. Like their predecessors, they were once revered as inventive mould-breakers, delivering gadgets to the masses. But just like Rockefeller and the other “malefactors of great wealth”, these new capitalists are losing their sheen. They have been diversifying into businesses that have little to do with computers, while egotistically proclaiming that they alone can solve mankind’s problems, from ageing to space travel. More pointedly, they stand accused of being greedy businessfolk who suborn politicians, employ sweatshop labour, stiff other shareholders and, especially, monopolise markets. Rockefeller once controlled 80% of the world’s supply of oil: today Google has 90% of the search market in Europe and 67% in the United States. Together, the two groups throw light on some of the most enduring themes of American history—both the country’s extraordinary ability to generate vast wealth and its enduring ambivalence about concentrations of power. Henry Ford, the youngest of the robber barons, once said that history is more or less bunk. He was wrong. The silicon sultans have the advantage of being able to learn from their predecessors’ mistakes. It is not entirely clear that they are doing so.