The Conscience of a Liberal Summary

Topics: Wealth, United States, Working class Pages: 2 (793 words) Published: November 6, 2011
The conscience of a Liberal

In Conscience of a Liberal, Krugman describes how America transitioned from a phase of economical inequality before the World War II to a phase of economical equality after it. It transitioned from a “Gilded Age” where the “wealthy Elite” as he describes dominated the economy and politics of the country to a Great Depression around 1930. Krugman discusses how Roosevelt’s new policy, by taking away much from the “wealthy Elite” threw taxes, created the middle class and destroyed the “Gilded Age”:In 1921, the richest 0.1% owned more than 20% of the nation’s wealth, while in 1950, they owned 10%. After this period, a movement conservatism appeared by the Republican Party in order to recreate the economical inequality. Later on, Krugman discusses the “Great Compression” that indicates the period with the new distribution of the wealth. This compression was a result of the political changes that influences the economical situation, as Krugman stated. Therefore, the rich people lost most of their wealth, as for the middle class; there were increased employment and wages, new retirement and health care benefits. In the 1950s, the progress in politics has lead to a welfare state, since that Democrat gained the right to vote for example. The 1960s was a troubled prosperity, as Krugman describes it. Precisely, Krugman listed the civil rights movement, the expansion of crime, the backward wellbeing life, the sixties culture and Vietnam (he discussed that in reality movement conservatism killed Democrats, not Vietnam). But, despite all that people continued to have work benefits and an increased economical growth. William Buckley led the movement conservatism, since that white people were the majority, so their purpose was to continue with the disenfranchisement of Blacks. In addition to that, the movement conservatism was helped by the fear of communism and supported by neoconservatives. The movement regained his place after Richard Nixon’s...
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