25 of 27 people found the following review helpful:
4.0 out of 5 stars
Excellent introductory study of the 1920s, May 11, 2000
Periodization in history is frequently tenuous at best. This is especially true when dealing with such loose categories as "the Twenties," a term signifying much more than a mere decade. William Leuchtenburg has taken this task to heart, though. He has written an entertaining and insightful history of the United States during this period, with a few years added on either end for context.
The title is, unfortunately, somewhat misleading. The "perils of prosperity" indicates a much grander theme than Leuchtenburg has undertaken. He makes scant effort to link the prosperity that the nation enjoyed until 1929 with many of the sub-themes he discusses in the book (e.g., the rejection of the League of Nations, the Red Scare, the "revolution in morals"). He does point out what he perceives as the pitfalls of prosperity, however. It concentrated power in the hands of a "business class with little tradition of social leadership" and invested world power in a country unwilling and unable to accept it. Most importantly, "it made money the measure of man."
Leuchtenberg makes a solid argument connecting America's entrance into World War I with her affluence. Between 1914 and 1916, American trade with the Allies nearly quadrupled from $825 million to $3.2 billion. When faced with the threat of unrestricted submarine warfare by the Germans-and the potential loss of billions in trade-America had no choice but to declare war. (He does not suggest that this was the only reason, but it was a compelling one.)
Leuchtenburg also convincingly links American prosperity in the 1920s with the crash of 1929 and the depression that followed. This was a decade dominated by "get-rich-quick" schemes and rags-to-riches millionaires. This phenomenon was most evident in the stock market. Stories abounded of men who had parlayed their savings into riches, multiplying their money hundreds of times. Indeed, in 1928 alone, the New York Stock Exchange registered sales of over one billions shares, a fourfold increase over the level of 1923. That same year industrial stocks gained 86.5 points. According to Leuchtenberg, this wave of speculation was crucial for the nation's continuing prosperity. In fact, he believes that "by 1928 the stock market was carrying the economy." A year later, of course, that was all to end.
Also important in the book is the theme of transition. The 1920s were a time of fundamental change in American society. Prior to that, the nation was a predominantly rural, agricultural society that placed great emphasis on tradition, religion, and basic values. It was to quickly transform into one that was urban, industrial, secular, and thoroughly modern in its culture, outlook, and morality. This was not an easy transition either. Many Americans fought it tooth and nail, reluctant (or, perhaps, unable) to accept the new reality of life in the United States. This created conflicts-particularly between rural and urban attitudes-that were especially prevalent in such issues as immigration, prohibition, and the presidential elections.
Leuchtenberg's approach is primarily social and political. He views the period with a detached eye, seeking neither to defend nor vilify the Twenties. Due to the restrictions of space, his treatment is necessarily brief and generalized in areas. Overall, however, The Perils of Prosperity is an invaluable contribution to the literature.
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24 of 26 people found the following review helpful:
2.0 out of 5 stars
A confusing look at the 1920's, March 10, 2002
It would be fair of me to make a confession before I begin: I was assigned to read "The Perils of Prosperity" for my American History class. I have enjoyed many books I have read for school, but this is not one of them.
In this book, Leuchtenburg brings up things he describes as important events, yet he never explains them. For example, the execution of Nurse Edith Cavell is mentioned twice, yet he never bothers to tell who executed her or why she was executed.
Leuchtenburg often refers to people by their full name only once in a whole twenty-page chapter, so that a reader is left wondering exactly who Leuchtenburg is talking about. This gets especially confusing considering that there are multiple Bryans (William Jennings and Charles) and multiple Smiths (Alfred E. and Jesse), and although it is unlikely confuse the two Smiths (Jesse Smith committed suicide before Alfred E. Smith even ran for the presidency), it makes one wonder whether there is a third person of the same last name. Leuchtenburg's infrequent use of full names also led me to know major players only by their last name; I didn't know Clemenceau's first name was Georges until I looked it up in the book's index.
Fortunately, most of these problems only occured in the first half or so of the book. By the time of the last five chapters, Leuchtenburg began to make himself clearer and his writing became more focused. It also helped, I must admit, that his subject matter in these chapters became more interesting--the Roaring Twenties, the "monkey trial", and the stock market crash of 1929.
I suppose that people who are already familiar with this era might enjoy the book. But if you are like me, a student or someone else trying to learn new information about the 1920's, this book is not your best choice. I often could not understand things in "The Perils of Prosperity" until after I read them in my textbook.
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5 of 6 people found the following review helpful:
5.0 out of 5 stars
Excellent book on the 20's, April 2, 2005
Leuchtenburg's book is an excellent work that shows in depth the various aspects of life in the 1920's. Whether you are interested in the pop culture, politics, or economics of the time, this book has it all. A very interesting and easy read. Recommended for people who want to learn about the 1920's and life in America during that time.
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