The book, ‘Perils of Prosperity' by William Leuchtenburg traces the phenomena that transformed America into an urban, industrial, and morally liberalized nation from a moralistic, decentralized, and isolationist nation during the Agrarian era. Through his book, Leuchtenburg depicts specific events of the roaring 20's in America's transformation from the period of Woodrow Wilson's governance to the entry and participation of the US in the First World War and ends with the Great Depression. Primarily, the author focuses on the vividness of the epoch of America's history based on the political, cultural, social, and economic aspects. By naming his book, ‘Perils of Prosperity' Leuchtenburg aimed at portraying the significant levels of prosperity acquired in the United States whose repercussions would last for a long time.
The title formulates around the consequences of the significant prosperity in America that are still felt today. Such repercussions include the expanse of women's rights and consumerism as well as the prevalence of the US as a predominant world power. Leuchtenburg states that "The US had settled on a strong trade, mass culture, loss of authority for the family, international power politics, the dominance of the metropolis, and industrial concentration," (Leuchtenburg, 2010). Moreover, he continues to add that, "It is at the very least and important to remember that the nation had not solved some of the dodged challenges created by the painful transition from the traditional to modern America," (Leuchtenburg, 2010). As such, Leuchtenburg associated the significant prosperity characterized by America's transition with numerous and lasting problems. The issues related to America's prosperity would be felt by various generations which is one of the central concepts that the author laments about.
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The problem with too much prosperity was the imbalance created across class and economy during the roaring 20's. On this note, following the substantial economic growth across the US every individual raised their buying power. This also translated to the increased modern conveniences. Nonetheless, the wealthiest individuals held the top positions while corporations exploded. As a result, the daily merchant had no place in the economy and disappeared. America would then become a creditor nation rather than a debtor since Europe was desperate to rebuild but lacked the appropriate means of production. Subsequently, America recorded a massive economic boost up until the year 1929 when there was an economic recession. The author refers to this period as the time when Americans decided to take a vacation from the sober, traditional values. On the other hand, the American politics also took a significant turn after the First World War. With the war coming to an end, the US being a world power stepped in with the aim of promoting and settling the peace. The peace agreements were characterized with the creation of the League of Nations. Furthermore, the US assisted in developing the 14 point agreement which would later be denied by the Congress.
In conclusion, the US held a relatively strong isolationist understanding that would compromise the peacekeeping motives and approaches in the long run. Defiance of the Americans marked the end of the post-war prosperity in following Woodrow's lead, and idealism into participating in the League of Nations weakened America's diplomacy. Besides, the author finds such an approach as a refusal to fully accepting the responsibilities that are associated with becoming a world power.
References
Leuchtenburg, W. E. (2010). The perils of prosperity, 1914-1932 . University of Chicago Press.
