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.
From the Gilded Age to the present day, the history of modern United States of America has been one of wealth and power concentrated into the hands of a few families with enormous fortunes.
