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352 pages, Paperback
First published June 7, 1955
In the post-Civil War period all this was changed. The rapid development of the big cities, the building of a great industrial plant, the construction of the railroads, the emergence of the corporation as the dominant form of enterprise, transformed the old society and revolutionized the distribution of power and prestige. . . .
The newly rich, the grandiosely or corruptly rich, the masters of great corporations, were bypassing the men of the Mugwump type—the old gentry, the merchants of long standing, the small manufacturers, the established professional men, the civic leaders of an earlier era. In a score of cities and hundreds of towns, particularly in the East but also in the nation at large, the old-family, college-educated class that had deep ancestral roots in local communities and often owned family businesses, that had traditions of political leadership, belonged to the patriotic societies and the best clubs, staffed the governing boards of philanthropic and cultural institutions, and led the movements for civic betterment, were being overshadowed and edged aside in the making of basic political and economic decisions. In their personal careers, as in their community activities, they found themselves checked, hampered, and overridden by the agents of the new corporations, the corrupters of legislatures, the buyers of franchises, the allies of the political bosses. In this uneven struggle they found themselves limited by their own scruples, their regard for reputation, their social standing itself. To be sure, the America they knew did not lack opportunities, but it did seem to lack opportunities of the highest sort for men of the highest standards. In a strictly economic sense these men were not growing poorer as a class, but their wealth and power were being dwarfed by comparison with the new eminences of wealth and power. They were less important, and they knew it.