Capitalism in America: The Cult of Wealth

At the end of the 19th century, a club of millionaires — John D. Rockefeller and his oil monopoly, steel king and philanthropist Andrew Carnegie and banker J. P. Morgan, who financed the Industrial Revolution from Wall Street — took over the United States, where immigrants provided a labor force that was ruthlessly exploited.

The federal welfare state controlled American capitalism until the 1973 oil crisis and recession, which led to the election of the ultra-liberal Ronald Reagan. At the dawn of the computer revolution, a generation of entrepreneurs, including Bill Gates and Steve Jobs, emerged in Silicon Valley around Stanford University, which combined public and private research.