The Poverty of Affluence: A Psychological Portrait of the American Way of Life

by Paul L. Wachtel

In his 1983 classic The Poverty of Affluence, Paul Wachtel examines the psychological underpinnings of our insatiable desire for growth, and endless quest for “more” — whether in jobs, relationships, or any other sphere of life — suggesting that our commitment to consumption is in fact an increasingly desperate attempt to replace the sense of community that our very growth has torn apart.

Genres: Psychology, Finance, Economics, Philosophy, Nonfiction

316 pages, Paperback

First published January 1, 1983

About the author

Paul L. Wachtel, PhD, is CUNY Distinguished Professor in the doctoral program in clinical psychology at City College and the Graduate Center of the City University of New York. He received his doctorate in clinical psychology from Yale University and is a graduate of the postdoctoral program in psychoanalysis and psychotherapy at New York University, where he is also a faculty member. Dr. Wachtel has lectured and given workshops throughout the world on psychotherapy, personality theory, and the applications of psychological theory and research to the major social issues of our time. He has been a leading voice for integrative thinking in the human sciences and was a co-founder of the Society for the Exploration of Psychotherapy Integration. Dr. Wachtel is a recipient of the Hans H. Strupp Memorial Award for psychoanalytic writing, teaching, and research; the Distinguished Psychologist Award from Division 29 (Psychotherapy) of the American Psychological Association (APA); and the Scholarship and Research Award from Division 39 (Psychoanalysis) of APA.

Reviews

[lyle · Rating 4 out of 5]

An insightful analysis of the psychological poverty of modern materialism. We have developed a culture that is good at extracting natural resources and building material wealth, but psychological wealth has not kept pace. Wachtel is especialy impressive because although his own views are psychodynamic, he is also able to draw upon other perspectives, both in psychology and economics, to make his case

[Daniel Gallagher · Rating 4 out of 5]

This is a classic, though still very relevant, description of how the modern American lifestyle fails to give us satisfaction or happiness. Wachtel is a psychologist and he uses this lens to explain the insanity of equating corporate supremacy, high economic growth, material abundance, and increasing working hours to real and lasting human fulfillment. He says, “... only via an identification with some communal purpose, only through participation in a shared set of values and meaning-giving rules and assumptions can the search for fulfillment have any chance of real success.” (p. 199).

Wachtel considers how Freud, Maslow, and the “invisible hand” of market ideology separate our actual need to build community and shift our way of thinking to a more collective mindset. He, successfully, argues that communism was spoiled by what was actually totalitarianism (as most political science majors already know), and by extension socialism, even if democratically aligned, suffers as well. Instead individualistic thought has remained rooted.

40 years on, these ideas are, sadly, just as relevant. We keep buying stuff, ignoring environmental impacts of waste and pollution, and working long hours, not realizing that some work actually “... detracts from rather than adds to the common good.” (p.253). Wachtel argues we should put a priority on leisure, stop focusing on producing so much and concentrate “... instead on the qualities of our experiences and our personal relations and on developing the kind of community that makes that possible.” (p. 252)

The book sometimes goes a little deep into other author’s ideas (in the chapter on narcissism, Wachtel pans Lausch, which I found unnecessary) and makes some comments about environmental degradation and it’s impacts (70-90% of cancers caused by environmental factors!), that, though cited, feel sensationalized to make a point. Those two criticisms aside, I really loved this book and it’s positive messages for combating our consumer culture in positive and enriching ways.

[Emily Krueger · Rating 1 out of 5]

terrible.

[Jennifer Willcutt · Rating 4 out of 5]

Got me thinking about finance and economics.