On July 23, 1972, a group of influential citizens from the U.S., Europe and Japan met at the Rockefeller family estate in Pocantico Hills, half an hour's drive north of New York City. They were welcomed by David Rockefeller, grandson of the oil tycoon John D. Rockefeller and chairman of Chase Manhattan Bank. David Rockefeller had summoned the group to express his concern that the advanced industrialized states were drifting "aimlessly into a situation in which they may inflict harm upon each other and other states." According to David Rockefeller, the "impact of growing economic competitiveness and the accelerating pace of technological and social change on policy-making in major industrialized states" had made it imperative that governments transcended the "issues of the moment" and devoted themselves to the strategic problems of the future. "Now," he declared, "is a propitious time for persons from the private sector to make a valuable contribution to public policy."