Synopses & Reviews
From the beginning of our nation's history, with the Puritan and Protestant work ethics, through the 1950s, thrift was considered an important virtue, both with regard to the moral fiber of the country and as a support for its continuing economic well-being. The idea that deferring immediate pleasures to accumulate wealth for increased future value was considered virtuous, not just by the citizens but by politicians and the government as well. In this fascinating history of thrift, David Tucker describes how, after the Eisenhower period, thrift became an outdated, outmoded concept, and how the abandonment of thrift is in large part responsible for our current economic position.
Tucker begins his study by tracing the thrift culture in which America was born, which continued its dominance for more than a century. The notion that frugality was the best means for promoting the general welfare remained unchanged until the late nineteenth century, when an angry protest against more thrifty Chinese immigrants led to a reversal in cultural attitudes. A new ideal of a higher standard of living--supported by spending, consumption, and debt-- undercut the old virtue of thrift. Throughout the twentieth century, advertising, consumer credit, and a self-indulgent psychology have eroded the practice of frugality. In addition to this history, Tucker explores the dangers of the thriftless society, comparing America's current position to the economic rise and decline of the United Kingdom. With a savings rate that has fallen from 15 percent to 4 percent, and a government that routinely appropriates more than 100 percent of tax revenues, Tucker sees a moral deficiency in Americans. Thrift is no obsolescent virtue, he observes, if the nation is concerned with preserving a standard of living. This unique history and commentary will be a useful supplement to courses in current affairs, American history, and economics, as well as a significant addition to college, university, and public libraries.
Synopsis
This unique history studies the concept of thrift as a driving cultural and economic force in America. From the beginning of our nation's history, with the Puritan and Protestant work ethics, through the 1950s, thrift was considered an important virtue, both with regard to the moral fiber of the country and as a support for its continuing economic well-being. In the past few decades, however, a new ideal of spending and consumption undercut the old morality, until by the end of the Eisenhower era thrift had become an outmoded concept. The direct result of this has been a declining savings rate and enormous budget deficit, Tucker argues, and has placed America on a road of economic decline.
About the Author
DAVID M. TUCKER is Professor of History at Memphis State University.
Table of Contents
Preface
Traditional Thrift
Habits Instilled by the Church
The Frugal Lady
Savings Banks
Thrift in the Schoolhouse
Black Spenders
The War Savings Movement
Frugal Immigrants
The Moral Revolution
The Perils of Thrift
The Thriftless Society
Politics of Debtor America
Bibliography
Index