Published in 1935, this book is an excellent history of American business and finance and its influence on American politics and society from the 1890Published in 1935, this book is an excellent history of American business and finance and its influence on American politics and society from the 1890s to the mid-1930s.
Allen chronicles how financiers, bankers, businessmen, and industrialists transformed the American economy during this period into a system dominated by Wall Street and its allies. The powerful financial and business “overlords” like J.P. Morgan, George F. Baker, and James A. Stillman engineered the vast expansion of their empires through sophisticated and often corrupt practices like multi-layered holding companies, complex financial instruments, price fixing, and stock manipulation. Although reformers tried to stem the tide of unbridled capitalism and had some success with antitrust legislation and regulation, American business continued to grow bigger and more powerful. Since the financiers and businessmen seldom considered the “public good” as a part of the business equation, it's not surprising that the economy suffered through a series of booms and busts, culminating in the “fat years” of the 1920s followed by the Great Depression of the 1930s.
Allen shows clearly how the “one percent” used wealth and privilege to mold society to their ends, but he doesn't lay the blame completely at their feet. Larger historical factors were also at work:
What made these vast combinations possible and profitable? Not simply the wisdom or daring of their owners and promoters, but also a number of other factors: the spread of population, the growth of cities and general urbanization of American life, the influx of immigration, the new efficiency of communication, the engineering skill which went into the design of new machinery, the labor of hundreds of thousands of workers: in short, the growth of the country and the advance of the machine age.
The overlords, to be sure, took advantage of these factors, but Allen acknowledges that these were often complex men (during this time period, all were, of course, men), many of whom were ruthless in business but devout in religious practice and generous in philanthropy.
This is a well-researched and well-written book. It's an essential read for anyone interested in the roots of the American capitalist economy as it developed from the late 19th century on. With wealth inequality at historic levels, it is worth being reminded that such inequality may be an inherent characteristic of the economic system and may not be susceptible to easy solutions. For that reason, this is a radical book, which deserves its spot on the “forbidden bookshelf.”
Merged review:
Published in 1935, this book is an excellent history of American business and finance and its influence on American politics and society from the 1890s to the mid-1930s.
Allen chronicles how financiers, bankers, businessmen, and industrialists transformed the American economy during this period into a system dominated by Wall Street and its allies. The powerful financial and business “overlords” like J.P. Morgan, George F. Baker, and James A. Stillman engineered the vast expansion of their empires through sophisticated and often corrupt practices like multi-layered holding companies, complex financial instruments, price fixing, and stock manipulation. Although reformers tried to stem the tide of unbridled capitalism and had some success with antitrust legislation and regulation, American business continued to grow bigger and more powerful. Since the financiers and businessmen seldom considered the “public good” as a part of the business equation, it's not surprising that the economy suffered through a series of booms and busts, culminating in the “fat years” of the 1920s followed by the Great Depression of the 1930s.
Allen shows clearly how the “one percent” used wealth and privilege to mold society to their ends, but he doesn't lay the blame completely at their feet. Larger historical factors were also at work:
What made these vast combinations possible and profitable? Not simply the wisdom or daring of their owners and promoters, but also a number of other factors: the spread of population, the growth of cities and general urbanization of American life, the influx of immigration, the new efficiency of communication, the engineering skill which went into the design of new machinery, the labor of hundreds of thousands of workers: in short, the growth of the country and the advance of the machine age.
The overlords, to be sure, took advantage of these factors, but Allen acknowledges that these were often complex men (during this time period, all were, of course, men), many of whom were ruthless in business but devout in religious practice and generous in philanthropy.
This is a well-researched and well-written book. It's an essential read for anyone interested in the roots of the American capitalist economy as it developed from the late 19th century on. With wealth inequality at historic levels, it is worth being reminded that such inequality may be an inherent characteristic of the economic system and may not be susceptible to easy solutions. For that reason, this is a radical book, which deserves its spot on the “forbidden bookshelf.”...more
I give the author high marks for the detailed research that clearly went into the production of this book. However, my reading experience was not whatI give the author high marks for the detailed research that clearly went into the production of this book. However, my reading experience was not what I’d hoped for. I was looking to learn about the history of the French Quarter in the context of the growth and development of New Orleans.
There is some of that. Essentially, though, the book is presented as a guidebook to accompany a walking tour through the Quarter, focusing primarily on Royal Street from Canal Street to the Esplanade, with a stop at Jackson Square and other detours along the way.
The author describes building after building—not just their architecture but, in many cases, their entire ownership history. He includes quite a few historical photos from the Library of Congress. As I said, kudos for the research, but the huge amount of detail that’s presented about individual buildings overwhelms any coherent historical narrative.
I don’t think there is an audiobook edition of the book. That’s unfortunate, because audio would be the format that would work best. I could envision listening to it while walking through the French Quarter, pausing periodically to observe a building that’s being discussed. Ending, of course, with beignets and coffee at Cafe Du Monde....more
Loading...
