PDF Summary:Only Yesterday, by Frederick Lewis Allen

In his book Only Yesterday, Frederick Lewis Allen offers a comprehensive examination of the transformative decade of the 1920s, chronicling the profound cultural, social, and economic shifts that reshaped American society. He explores the younger generation's embrace of progressive thinking and more liberal attitudes toward relationships and personal expression, exemplified by the rise of flappers.

Allen also delves into the escalation of consumerism, materialism, and the pursuit of wealth, fueled by innovations in advertising, sales tactics, and consumer credit. He further investigates the post-war political landscape, the economic boom and subsequent crash of 1929, as well as the underlying prejudices, corruption, and dishonest activities that tainted the era.

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• The changes in consumer culture and ambitions were not embraced by all; some criticized the new advertising techniques as manipulative and harmful to societal well-being.
• The quest for riches and social standing, although prevalent, was not the only motivator within society; many individuals and groups prioritized community, family, and other non-materialistic values.

The conclusion of World War I ushered in substantial changes in the economic and political landscapes.

Allen examines the political and economic landscape following the war, observing the shift away from the wartime aspirations championed by President Woodrow Wilson to a widespread desire for steadiness and a return to conventional ways, which was embodied in the administrations of Harding and Coolidge. He examines the fluctuations in the economy during the 1920s and explores the underlying factors that precipitated the onset of the Great Depression.

The transition away from Wilson's idealistic tenets toward a collective desire to revert to conventional normality.

In this part of the book, Allen examines the country's transition from President Wilson's wartime ideals to the widespread acceptance of the term "normalcy," which became well-known due to its linkage with President Harding. The writer depicts a nation worn out from strife and international duties, yearning for the uncomplicated times that preceded the conflict.

Following the war, there was a deep-seated disillusionment with the idealistic plan for worldwide peace and unity that Wilson had proposed.

Allen underscores a widespread feeling of disillusionment with the concept of an international alliance, a concept that lay at the heart of Wilson's ambitions. Wearied by the strife and reluctant to entangle in European affairs, the American populace showed little concern for the moral and political responsibilities emphasized by the nation's leader. The Treaty of Versailles failed to establish a just and lasting peace, which, coupled with the rise of extreme political beliefs and labor conflicts, fueled a desire for stability and a turn towards isolationism. The author emphasizes that the 1920 presidential election marked a significant turning point when voters decisively rejected Wilsonian idealism in favor of Warren G. Harding of the Republican Party, who promised to restore the nation to its pre-war normalcy.

Allen contends that his unwavering adherence to personal beliefs, without any willingness to compromise, ultimately thwarted his objectives. His steadfast support for the League, despite growing opposition, and his refusal to accept any changes to the covenant proposed by the Senate culminated in his ultimate downfall. The author depicts Wilson as a tragic character, a man whose idealism led to his weariness and eventual defeat by the overwhelming force of public opinion.

During the administrations of Presidents Harding and Coolidge, there was a distinct preference among the populace for a resurgence of conventional routines, stability, and customary commercial operations.

The period that began with President Harding's leadership was marked by a comforting steadiness and a hands-off approach to business, signaling a revival of conventional conditions. Allen depicts a widespread longing for a time characterized by minimal governmental interference in private matters and a more liberated commercial atmosphere, a time preceding the nation's transition to pursuits of moral crusades and lofty ideals.

Harding's congenial disposition and emphasis on shared principles stood in stark contrast to the scholarly and aloof demeanor of his predecessor. The public, exhausted by the complexities and disappointments of international affairs, took comfort in his promises of peace, a flourishing economy, and the rejuvenation of fundamental American values. Upon assuming the presidency after the sudden demise of his predecessor, Coolidge fostered a stable period by adopting a prudent administrative style and showing a disinclination to entangle the federal government in commercial matters, thus laying the groundwork for the impressive economic expansion of the 1920s.

The period underwent a phase of economic growth which subsequently transitioned into a decline.

In this section, Allen explores the economic ups and downs of the 1920s, highlighting the period's financial expansion driven by mass production and accessible consumer credit, which eventually precipitated the devastating financial downturn at the decade's end. He also acknowledges the wealth gap, highlighting those who were left behind despite the booming economy.

The widespread implementation of assembly line techniques, advancements in machinery, and greater access to consumer credit propelled the economic surge of the 1920s.

Allen attributes the remarkable economic expansion of the 1920s to several crucial factors, such as the emergence of the United States as a dominant player in the world economy after the war, its preserved industrial framework, and the preparedness of its vast domestic market for advancement. Technological advancements, particularly in mass production, allowed manufacturers to produce goods at unprecedented scale and affordability, driving a cycle of consumption that further fueled economic growth. The automobile industry catalyzed a significant metamorphosis of the American landscape, not only fostering expansion in related industries but also altering the country's geographical contours.

The increasing acceptance and availability of consumer credit – buying goods on installment plans – played a crucial role in driving this consumption boom. The "buy now, pay later" method made it possible for consumers to acquire goods that otherwise might have been out of their financial reach, thus invigorating the demand for products like automobiles, radios, and household appliances. The economy, initially strong and driven by credit, not only encouraged expansion but also inadvertently laid the groundwork for the following economic decline.

During the period known as the "Big Bull Market," the stock market experienced a significant surge followed by a precipitous decline, ultimately leading to the crash of 1929.

Frederick Lewis Allen portrays the "Big Bull Market" as a symbol of the era's boundless confidence and the steadfast belief in the limitless potential of American business. The author depicts the remarkable increase in stock values, driven by unregulated speculation enabled by readily available credit and a population eager to participate in what appeared to be a chance to amass wealth. He illustrates how ordinary Americans, from homemakers to taxi drivers, often gambled with borrowed money on a future that seemed guaranteed by the relentless upward trend of stock values.

Allen also underscores the cautions issued by numerous economic experts regarding the perils associated with speculative investments and the inflated values of many stocks. The country's attention was mainly captivated by the allure of investing in the stock market, an interest that grew stronger due to the media's persistent emphasis on monetary profits and the seductive potential for swift increases in wealth. The author vividly depicts the turmoil and devastation experienced by investors as their fortunes vanished swiftly with the stock market's dramatic downturn in October 1929.

The emergence of the Great Depression was precipitated by inherent economic frailties and the uneven distribution of wealth during that era.

The 1920s saw significant wealth creation, yet the distribution of this affluence was uneven. Allen acknowledges the difficulties faced by farmers who struggled with an excess of crops and declining prices, while the overall economy was thriving, and they also encountered a reduction in the global markets open to them. He also observes the challenges faced by certain sectors, including the manufacturing of textiles and the mining of coal, which found it hard to keep up with the swiftly growing automobile and radio equipment industries.

Allen argues that the visible prosperity masked fundamental weaknesses that played a key role in precipitating the economic downturn referred to as the "greatest" Depression. The author emphasizes the dangers linked to unchecked financial market betting, the generation of goods and the gathering of wealth beyond market demand, and the risky reliance on consumer borrowing as factors that led to the economic decline. He also highlights the fragility of an economy increasingly dependent on the whims and spending habits of individual consumers, illustrating the precariousness of a system built largely on expectations and the allure of quick profits.

Other Perspectives

• The Treaty of Versailles, while flawed, was a product of its time and reflected the complex political realities and demands for retribution post-WWI; some historians argue that it was not solely responsible for the failure to establish lasting peace.
• The concept of "normalcy" under Harding might be criticized for being a regressive approach that ignored the need for progressive reforms in response to changing social and economic conditions.
• Wilson's steadfast adherence to his beliefs could be seen as a principled stand rather than a downfall, with the failure of the U.S. to join the League of Nations sometimes attributed to partisan politics rather than Wilson's inflexibility.
• The economic policies of Harding and Coolidge, often praised for their laissez-faire approach, can also be critiqued for setting the stage for the economic collapse of 1929 due to lack of regulation.
• The economic growth of the 1920s, while impressive, can be critiqued for being unsustainable and for exacerbating income inequality, which some argue laid the groundwork for the Great Depression.
• The stock market crash of 1929 and the subsequent Great Depression can be attributed to a complex interplay of factors, including international trade policies and monetary policy, not just the economic practices of the 1920s.
• The portrayal of the 1920s as a period of unchecked consumerism and speculation might overlook the era's innovations and the long-term benefits of technological advancements that occurred during that time.

In this era, there was an increased inclination to dismiss unconventional thoughts and a concurrent escalation in dishonest activities.

This segment of Allen's book uncovers the concealed undercurrents of prejudice and deceit that were present beneath the veneer of economic success and the apparently carefree social exchanges during the decade known for its economic boom and cultural vibrancy.

The era referred to as the Red Scare was characterized by a profound dread of communist beliefs, which resulted in the persecution and suppression of those suspected of challenging or disregarding established social conventions.

In this chapter, Allen details the surge of apprehension about communism that swept through the United States after World War I, driven by anxieties about the rise of Bolshevism in Russia and the spread of revolutionary thoughts. The author reveals the baseless apprehension and mistrust aimed at labor movements, newcomers to the country, and individuals thought to hold leftist ideologies.

The government quelled the actions of employees who were pursuing rights to negotiate as a group by implementing arrests, deportations, and engaging in acts of violence.

Officials took steps to suppress leftist and labor movements, actions that were overseen by the individual known as the "Fighting Quaker," A. Mitchell Palmer, a detail chronicled by Allen. The government's forceful pursuit of those suspected to be radicals, which involved conducting raids without the necessary legal permissions and resulted in many arrests and deportations, is chronicled by the author.

He discloses that these measures led to overly stringent law enforcement and a disregard for constitutional rights, underscoring the predicament of individuals mistakenly thought to hold extremist views, who were indiscriminately ensnared within the country. Authorities' measures, fueled by social concerns and the fear-inducing tactics of politicians and powerful groups, fostered a climate fraught with distrust and unease, which greatly hindered the activities of dissenters and labor unions.

The pervasive fear of the Bolshevik threat, along with the limited acceptance of immigrants and ethnic minorities.

Concerns about radicalism led to a broad aversion toward immigrants and ethnic minorities, frequently labeling them as potential revolutionaries or individuals who could undermine the foundational principles of the United States. Allen chronicles the escalating aversion to foreign elements, underscored by actions taken to limit immigration and the resurgence of an organization that oppressed not only African Americans but also labeled Jews and Catholics as adversaries of the values held by Americans.

He portrays the environment that fostered bias, ostracism, belligerence, and widespread animosity against minority groups, highlighting the manner in which average individuals became engulfed by a powerful wave of bigotry. Allen argues that these measures, often justified by invoking national loyalty and the imperative of security, demonstrated how American democracy is prone to fear and prejudice, highlighting the danger that emerges when fervent public sentiment and the government's willingness to exploit such fears for political gain come together.

Numerous scandals and corrupt activities tarnished the Harding Administration.

The author reveals the widespread corruption that infiltrated the administration during the term of the President in the early 1920s, emphasizing the role of nepotism and greed in disrupting the political landscape and breaking the illusion of tranquility. He provides a thorough examination of the major disputes, particularly those related to the mishandling and misuse of oil reserves, revealing a pattern of unethical behavior and the abuse of authority.

The Teapot Dome affair, along with other oil-related disputes, underscored the presence of corruption and the abuse of power within the national government.

Allen reveals the secret deals enabling independent oil companies to harness rich oil reserves situated in the Teapot Dome and Elk Hills areas, which occurred in exchange for under-the-table payments and kickbacks. He uncovers the critical role played by Albert B. Fall, the Secretary of the Interior, who orchestrated the deals and received significant financial benefits from them. He explores the intricate web of financial transactions and tactical moves, illustrating the way in which Harding's administration officials utilized government accords for their own benefit.

Investigations conducted by the Senate exposed widespread corruption and demonstrated the involvement of high-ranking officials who blatantly disregarded the public's well-being. Allen argues that this scandal starkly illustrates the way in which avarice and the abuse of power can undermine the very core values of democratic systems.

The prioritization of business interests by the administration coincided with a deterioration of ethical standards and an increase in the influence of organized crime.

The period known as normalcy was characterized by a pervasive erosion of ethical standards, exemplified by the infamous controversies that beset the leadership of President Harding. Allen portrays Washington D.C. as a hub bustling with lobbyists and political fixers, where the norm consisted of covert negotiations and commonplace backroom agreements.

He uncovers the entrenched connections between businesses and governmental entities, which result in preferential treatment and advantages for companies in exchange for their support within the political sphere. He explores the rise of organized crime, particularly in cities like Chicago, where infamous gang bosses seized power and influence through involvement in illegal activities like bootlegging and racketeering, which were propelled by the Prohibition period and the inclination of officials to overlook unlawful deeds in exchange for political contributions.

The author argues that the intertwining of political, corporate, and criminal actions represented a significant departure from the "normalcy" Harding had promised to maintain. The government's actions, rather than fostering stability, led to chaos and a moral downturn, undermining confidence in public entities and laying the groundwork for the subsequent period's social and economic turmoil.

Practical Tips

• You can enhance your critical thinking by regularly questioning the motives behind news stories and public policies. Start by consuming media from multiple sources with varying perspectives, especially on topics related to political ideologies, immigration, and labor movements. This will help you identify biases and understand the broader context of current events, similar to how historical events were shaped by underlying fears and interests.
• Develop a habit of reflecting on your personal biases and how they might affect your perception of others. Take time each week to journal about your interactions with people who have different viewpoints or backgrounds. This self-reflection can lead to greater empathy and understanding, countering the historical tendency to distrust those who are different.
• Encourage ethical behavior in your workplace by initiating a peer recognition program. Collaborate with colleagues to create a system where employees can nominate each other for acts of integrity and ethical decision-making. This positive reinforcement can help build a culture that values honesty over self-interest, contrasting with the decline in ethical standards seen in past business practices.