Beruflich Dokumente
Kultur Dokumente
Terrell
Spring 2010
Political historian, Meg Jacobs, seeks to reexamine ideas of 20th century liberalism in her
monograph. She asserts the central themes of liberalism from the beginning of the century
through the 1970s were movements to expand purchasing power through policies that called for
low prices and high wages. Jacobs contends that “pocketbook politics” predated the New Deal
and was a backbone for economic citizenship by mid century. The pre WWI era saw mass
inflation double the cost of living in America allowing for social alliances to boycott higher
prices in support of union stores. During WWI, conservation became public policy, but it lacked
strong enforcement protocols and thereby allowed public awareness to keep a check on prices.
The creation of the OPA during WWII is considered by Jacobs to be the high point of
pocketbook politics. The OPA established price controls and rationing in order to conserve
resources, curb inflation, and promote national unity through sacrifice. The OPA hired
housewives to monitor prices like they had done as a public service in WWI, but this time price
monitoring was a state power. Jacobs attributed the ultimate demise of pocketbook politics to
post war inflation into the 1960s and the separation of classes. She also credits partisan politics
in her examination of Truman and the “Do Nothing” 80th Congress. Jacobs proves on many
occasions that politics and economics were intertwined, even inseparable in the period surveyed.
Her approach is eye opening, and her conclusion that most, if not every, political episodes of the
20th century had economic ties is well defended throughout. However, Jacobs asserts that the
purchasing power of Americans has become a less prominent political issue as a result of
globalization, especially since the 1970s. But, does this contention overlook the social changes
she covered so well in earlier decades? Did pocketbook politics truly disappear?