Katy Pierce
His 6393 U.S. Post 1945
April 26, 2005
Book Review 6
Frank, Thomas. One Market Under God. Doubleday, 2000
In 1980 the conservative right achieved political affirmation when Ronald Reagan
was elected to the presidency. During this period the administration began dismantling
the New Deal liberalism that characterized the Post 1945 era. These policies gave birth
to a society captivated by corporatism. The pro-business agenda implemented by the
administration produced the greatest disparity of wealth since the 1920s. Many scholars
anticipated a shift away from the hyper-capitalism that exemplified the 1980s in the
1990s. For instance, author Kevin Phillips projected that a populist repudiation would
materialize in this era. In his book, One Market Under God, Thomas Frank describes the
emergence of a populist movement, however, it is a very different populist phenomenon
then the one Philips predicted.
Frank argues that the cultural atmosphere of the 1990s further entrenched the
hyper-capitalism of the Reagan era. He contends a populist movement emerged in the
1990s, just as other had in wake of other hyper-capitalist moments, but unlike the other
movements this manifestation of populism strengthened the corporate, capitalist culture
that had come to define American society in the prior decade. He asserts that the
deregulation implemented in the post liberalism period gave rise to a “New Economy” of
the 1990s. Frank defines the “New Economy” as a consensus between “right-wing
libertarian think tankers and left-wing academic literary scholars; former Communists
and management theorists; Republican culture warriors setting out to save “family
values” from the marauding of the counterculture and New Labor, going into battle
against “the forces of conservatisms”1 built upon the concept that free market capitalism
is synonymous with democracy. Frank argues that the birth of this economic consensus
demolished economic democracy by destroying any mainstream opponents to capitalism.
The populism of the 1990s like other populist movements rejected elitism, but unlike
other movements concentrated the wealth and power of the elite.
According to Frank the destruction of the “old” economy is as much a political
and cultural process as it is an economic one. Mainstream America’s blind embrace of
laissez faire capitalism, as not only the best way, but the only way worked to pad the
pockets of the wealthy, but also altered many aspects of American life. Frank argues that
inflation and uppity establishment liberalism did not beat the left; instead he suggests the
left lost the culture war. The economic consensus that surfaced during this period
required the battle for votes to be fought on fronts. Frank notes that starting with the
Nixon campaign in 1968 the right won elections by successfully provoking and
harnessing the populist backlash that developed against the social and cultural changes of
the 1960s. Frank suggests that though market populism was sustained by political and
cultural means, it also altered both political and popular culture. Frank mentions a
number of cultural developments that reinforce the market populist mantra, that the
corporate way is the American way.
Frank’s piece focuses on a number of cultural occurrences in the 1990s that both
materialized from and also perpetuated market populist sentiments. The first cultural
shift Frank mentions is the popularization of the Stock Market. He argues that Wall
Street implemented a strategy to built Generation X’s faith in the market and distrust of
the New Deal legacy in order to gain support for the privatization of Social Security.
1
Frank, p.19
2
Franks suggests that this strategy established a launching pad for creating larger public
support for the market by transforming NYSE from a stuffy elitist institution to a
“People’s Market.” Frank notes that a shift in the corporate culture and image
transformed public perception of business. Corporations also fashioned a “people’s”
persona. Management discarded the gray flannel suit and adopted “hip” and casual dress
codes and work environments. Billionaires such as Bill Gates and Warren Buffett
epitomized the American dream and American achievement. Their success captivated
the people, and sustained the myth of upward mobility. People began to believe
corporations provided a democratic model for government. Many acquired loyalties to
brands and heavily invested in these familiar symbols of American society. Advertising
went beyond trying to sell a product and began to market ideologies. Frank also notes
that corporate culture also transformed the news media the masses came to despise and
distrust. Advertisers and businesses transformed journalism from an institution that
informs to one that makes money. The populist repudiation of an elitist media sparked
the strategic transformation of media by business to a “people’s” institution. According
to Frank, the internet also influenced the 1990s cultural change that helped to build a
“people’s” America. The internet was a tool used to not only distribute the message of
populism, but also to reinforce the sense of mass participation in the system. Franks
argues that corporations, advertisers, journalist, and the internet worked together to create
an agreed upon faith in the market. Frank contends that these cultural institutions shaped
people’s belief that the market empowered people and facilitated democracy; these
sentiments perpetuated the myth that democracy and capitalism are equivalent.
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Frank’s piece provides a fabulous analysis of how consensus is built. His
examination of 1990s market populism provides insight into the multifaceted system that
shapes popular opinions and cultural practices. Frank begins to disclose how politics,
culture, and economics work together to create a society that largely agrees on the
system, despite the inequality to access and economic disadvantage of many of its
participants. Unfortunately, Frank did not discuss what would seem to be two important
components of building the “New Economy” consensus. First, Frank makes no mention
of the expansion of consumer credit and its impact on creating a consensus among the
middle and lower classes. Even though Frank mentions the right’s use of propaganda to
prod and perpetuate a populist backlash, he also does not examine how political
campaigns skirting of economic issues, while incessantly debate cultural wedge issues
helped shape the establishment of a market populist consensus. Despite these short
coming, Frank provides a great look into the false prosperity of the 1990s.
4