Customer Reviews

Old Money: The Mythology of Wealth in America

5 star:		(4)
4 star:		(4)
3 star:		(2)
2 star:		(1)
1 star:		(2)

 

 

Virtually all other books describing America's moneyed class have been written by social scientists, primarily sociologists and economists, or romantic novelists, who do not have a clue as to how these people really live.

Aldrich, on the other hand, comes from one of America's old moneyed families (his grandfather was a prominent U.S. Senator at the turn of the century and his uncle was Nelson Rockefeller). Educated at St. Paul's and Harvard in the fifties, he was provided with all of the benefits that money can provide.

Unlike the modern ultra-rich, however, he was also provided a conscience and a sense of duty to his community. This book is, in large part, his effort to justify his own existence and that of his fellows to a society that often views them as little more than leeches who had the good fortune to be born into great wealth. In my opinion, and I suspect his as well, he ultimately fails, but he does provide the best defense of inherited wealth that I have! read. In the course of that defense, he provides great insight into how Old Money thinks -- F. Scott Fitzgerald was right; they really are different from the rest of us.

Those who enjoy this book should buy a copy of Money and Class in America: Notes and Observations on Our Civil Religion by Lewis Lapham, editor of Harper's magazine and himself from Old Money.

Don't know what these other readers' problem is - hopefully not the envy and resentment that the author acknowledges as a natural byproduct of privilege! Aldrich is thoughtful, erudite and honest. Is he justifying himself? To a point, of course. Have you ever read a book that doesn't in some way promote the author and his values? He succeeds in a difficult endeavor, namely to describe a culture and a mentality; this he does with sympathy to its ideals and deep skepticism about its true motives and record. Also, though there may be a few too many of his own family anecdotes, it is an entertaining and informative read.

Over the course of a few too many years I have acquired a 3-foot stack of classic books on wealth, status and power in America, and this is both the latest addition and the undisputed spiritual (!) capstone of the collection. "Rich and nuanced" is how I would characterize Mr. Aldrich's comprehensive assessment of the phenomenon of inherited wealth and established social class in the land of the American Dream. Mythic stuff indeed (it was this word that compelled me to buy the book) -- and Aldrich's background and skills are more than up to the challenge of rendering it, in all its paradox, consternation and complexity, for the genuinely interested reader.

The brief panning reviews below mystified me as well as they did the other reviewer. Aldrich starts out not with anything construable as a "justification", but rather with a withering indictment of the source of his family's wealth -- in itself a mini-education in the dynamics of 19th century pork barrel politics. Aldrich's book is both a sort of personal exorcism of family demons that others would just as soon whitewash and preen themselves over, and a subtle and multi-dimensional account of a great many interrelated issues surrounding the institution of inherited wealth and privilege, and its effect on those both inside and outside the golden pale.

"Reasoned" and "balanced" are two other adjectives that suggest themselves with regard to the book's overall project. Outsiders may resent his occasional displays of sympathy for his motley compatriots in hyper-enfranchisement, but you'll have to search elsewhere (e.g. the better-written WASP Supremacy diatribes) for the "our shortcomings are colorful foibles, theirs are hideous crimes" pathology that afflicts the smug somnambulists of the Far Right.

True, Aldrich hasn't climaxed his public catharsis by giving away his patrimony (though I'd be surprised if he hasn't been more than usually financially generous in all the right directions); but anyone accusing him of a lack of noblesse oblige is just being perverse or uncomprehending regarding the general thrust and intention of this eminently worthwhile read.

In the author's defense, I can only suggest that the one virtually unassailable self-justification for Establishment predations -- "If it weren't us on top, it would inevitably be others, and probably the more harsh for lack of experience" -- is rendered just a bit less disconcerting by the occasional production of a gentleman as truly humane, culturally enriching, and deeply entertaining as Mr. Aldrich.

As for the alleged elitist style: I too lack basic French, and tend to resent its use in expository prose. But "blipping over" a phrase here and there doesn't usually harm the overall sense of a well-heeled writer's material; and a modicum of humility obliges any reader to make an effort to step outside himself and honor the sensibilities of the more accomplished.

In this and other matters of vocabulary, would the disgruntled reviewer below prefer Aldrich to write down to him? Given the hazards of such behavior's leading to intellectual patronization or worse (i.e., just plain lazy thinking and/or exposition), I'll take the occasional mini-slight to my natural dignity as an untutored reader -- there are dictionaries, after all -- and accept my cultural patrimony whole and unblighted by stylistic censorship.

The comment below about most writers on this topic being outsiders is well taken. "Old Money" lacks Ferdinand Lundberg's statistically-fuelled rantings, and stops a bit short of fellow outsider Veblen's ironic savaging of the cultural degeneracies of endemic privilege. Its richly nuanced approach is due no less to Aldrich's insider status than to his exceptional observational, analytic and descriptive powers, and the present reviewer is grateful for the synergy.

For those interested in the roots and mechanisms of wealth-as-power, Lundberg's trenchant "The Rich and the Super Rich" is irreplaceable; Epstein's and Fussel's mordant depictions of the invidious lifestyle are both entertaining and informative; and the other dozen-odd major authors are sources of endlessly varied morsels of cocktail party erudition. But no one ties it all together in as many different ways at once as Aldrich. Read him first, instead of last as I did, and avail yourself of an impeccable standard of value for any other study on this topic that you're likely to find.

Hint: you can skim the first and last two chapters and learn all you could ever want to know about the OLD RICH.

In a golden nutshell;

Old Money likes old schools, old clubs and old stuff.
Old Money likes other Old Money.
Old Money REALLY likes MONEY.
Old Money is bigoted (for the most part.)
Old Money is tradition and duty bound to serve the greater good, except when it's not.
Nelson Aldrich REALLY likes the word "invidious."

I'd only advise buying this book if you are SERIOUSLY interested in the subject. It's not a breezy, humorous read like (outsider) Paul Fussell's "Class." Aldrich doesn't write about what Old Money wears or what kind of cars it drives; he takes a microscope to what drives Old Money, while never betraying his class by revealing anything terribly unflattering that we didn't already know. And, he wants us to KNOW that he's no lightweight rich guy dilettante! Alors! M. Aldrich parle le Francais, ou bien, il a un bon dictionnaire Francais! Qu'importe? In English or in French, this is navel gazing at its most erudite.

The book is particularly enjoyable when he writes about recognizable figures; J.P. Morgan, Teddy and Franklin Roosevelt, JFK, Tommy Hitchcock, etc. Curiously, women do not figure prominently in Aldrich's Old Money enclave. Aldrich does eventually acknowledge Eleanor Roosevelt (quite well done), Jacqueline Kennedy Onassis and Doris Duke.

The last two chapters are the best. "The Prince and the People" and "Hemingway's Curse" sum things up nicely, explaining exactly why Old Money has painted itself into a jewel encrusted corner.

One complaint: the index could have been more concise. For example, Aldrich draws a clear distinction between patricians and aristocrats, two words often thought of as synonymous. Because of this, his definitions should appear in the index, yet his index is made up exclusively of proper names. This is odd for an esoteric book that puts forth so many theories.

PS: After reading this, DO read Michael Gross' 740 Park. Gross tells Old Rich tales that Aldrich wouldn't touch. Reading 740 Park is like gobbling a gooey ice cream sundae after dutifully nibbling Aldrich's hollandaise covered spinach.

The author of this book makes no excuses for his own wealth, nor for what he's done with his life of privilage. His ancestor who generated his inherited wealth was, basically, a crooked politician. His own achievements with his life of privilage have been pretty humble. He does give a spirited defence of an american WASP upper class which probably no longer really exists; it's hard to see the three character building trials (trial by school, the outdoors and combat) in modern wealthy folks. It's also hard to see the upper class having the privilages it used to: the NYT society section is hardly filled with the exploits of the Knickerbockers and Morgans any longer. It used to be, people like Mr. Aldrich ran the nation from the top; protecting their class interests in ways which are unimaginable today. Think, "robber barons;" -men in top hats who would give baksheesh to wastrels who would wait for them to drive by at the gates to their imperial factories or skyscrapers. Oh, his wealthy descendents still exist, but they simply are not important any more. More important are the class that makes up billionaires today; mostly new money and entertainers.

People should realize, he is talking about a very american group of people; the upper classes of other countries have nothing in common with them. I don't care if you're a Marxist or whatever; the american upper classes are different than Mexican or French ones. In fact, that's why you often find them in political alignment with the working classes (aka George Bush and the NASCAR set); they share a fundamental nationalism which the upper middle classes will never understand. America has in fact been very lucky with its plutocracy. They may start out pretty bad, but they mellow and work for the betterment of the nation after a few generations. Compare to the Russian upper classes at any point in history (or even the patricians of ancient Rome), and you'll see my point. One of the great fortunes of america has been that our upper classes are largely benign. It is a shame the folkways of this american social class have decayed with its confidence. The world could use another Teddy Roosevelt.

The author is to be applauded for presenting an insider's view of established wealth. Almost every book ever written about Old Money is from rank outsiders falling back on third-hand gossip and undocumented cliches (Lucius Beebe was the worst of these.) While Aldrich's frankness about the shaky foundations of his own family are much appreciated, he clouds his authority by being a terrible name-dropper. Rather than strengthen his arguments, these constant references to his "Social Register" pals drag the book into near self parody. Also, sadly, nobody can accuse the author of crisp or amusing writing. And beware: much of the book harks back to people and incidents of the 1950s, 1940s -- and back even farther -- making most of the material seem pretty dusty.

This is a perfectly good book. Not great book in the sense of works that change your philosophy (as might "The Art of War" or "The Prince"), but good in the sense of a book that gives you a useful map of unfamiliar terrain.

The value you derive from this book will depend on your point of view. My point of view is as a child that grew up in southern California of middle-class mid-western parents. My father was one sort of engineer, and I am another. The culture Aldrich ably describes is entirely alien from anything in my experience, and not of immediate significance. The book title could have been "Old Money on Mars" and the contents would have meant pretty much the same (aside from surprise over folk on Mars).

Also, suddenly the odd references in old Catherine Hepburn movies have gained meaning.

Aldrich has an odd rhythm of expression. This threw me off for a bit, but seems to be product of his "class" and education. Once you get past the odd rhythm, the remaining text is easier to read.

It seems that Aldrich and much of his "class" are both caught up in a common mythology, and troubled by the unclear coupling with reality. Aldrich tries to be objective, but is also clearly embedded within that micro-culture.

This is a good book, it provided a map to a place I did not know existed.

Update:
Incidental to the main subject of the book, the author provides an unfamiliar perspective on historic figures Huey Long, JP Morgan, and Theodore Roosevelt. After some reflection, that different perspective served as the missing bit to a puzzle - and (for me) suddenly the current economic mess makes a lot more sense.

So the book did provide a significant insight (if perhaps unintentionally).

I am sure the book is well researched but it's a bit boring. Do you really need that much space to tell such a simple story. I don't think so.

The book was just what I expected. I had done some prior research on the topic, and the book confirmed my research efforts.

I've always known Americans to be ignorant, closed minded and uneducated, but never has it been so confirmed than in the reviews I've read here. Would one not buy a book in order to learn something about a subject they obviously know nothing about? I would think that the people who bought this book would be open to learning something about a sub-culture that is as much a part of America and its values as is baseball and apple pie. Unless you come from old money, you can not understand it, and to be closed in your mind process while reading this book, thinking that the author is "pompous" or "pathetic" concretes my understanding of the average American; ignorant, closed minded and uneducated. This author wrote a book that was inspiring in it's anecdotes and gave a further look into the life of the American aristocrat. I have no complaints.