The Limits of ‘Running Government Like a Business’

By Robert E. Rubin for The Wall Street Journal

Writing in the Wall Street Journal, Robert Rubin considers a Washington archetype: the business executive who arrives in government convinced they can fix everything with corporate efficiency. Rubin draws on his own experience of leaving Goldman Sachs to serve as President Bill Clinton's economic adviser and later Treasury Secretary. It's a story that feels particularly relevant as another wave of executives prepares to enter the second Trump administration.

Rubin offers a nuanced view. He writes that market experience proved valuable during his government years. However, he notes that while businesses share the goal of profit, government must juggle competing ideologies and interests with no clear hierarchy of importance. Where CEOs can make decisions and expect execution, cabinet secretaries spend their days accommodating presidents, senators, representatives, and countless other power centers. And while business leaders might face tough press coverage, government officials operate under a microscope that turns every misstep into political ammunition. Rubin’s prescription isn't to avoid public service. But he urges those moving from the private to the public sector to approach government with humility, or "have humility thrust upon you."