Summary in Seconds: Wealth and Democracy by Kevin Phillips looks at how the concentration of wealth in the hands of a few has affected American politics and democracy. Phillips argues that growing inequality threatens democratic values and leads to corrupt political systems, which have contributed to the decline of past European empires. He compares this to the histories of Spain, the Netherlands, and Britain, from the rise of their empires to their eventual downfall. In Part Two of this review, I will summarize Wealth and Democracy, evaluate Phillips’ work, and conclude by discussing the dangers of extreme wealth inequality for the future of U.S. democracy.
Summary of Wealth and Democracy by Kevin Phillips
In Wealth and Democracy, Kevin Phillips explores the growing divide between the wealthy elite and the broader American population, arguing that this inequality undermines democratic principles and political stability. Phillips draws on historical analysis to show how the concentration of wealth in the hands of a few has shaped U.S. politics, policies, and society over time.
One of the main points Phillips makes is that the concentration of wealth has consistently influenced American democracy throughout its history. He argues that “the rich have always used their power to protect and increase their wealth” and that this trend is not a recent development. From the founding fathers to the industrial magnates of the Gilded Age1, Phillips traces the patterns of elite control over the political system. He writes, “A system of democracy that was built on checks and balances…has long been under siege by the concentration of economic power.”
Phillips identifies key periods of U.S. history where wealth and political power became particularly intertwined, including the Gilded Age, when industrialists gained immense control over politics and economics, and the late 20th century, when the rise of corporations and financial institutions intensified the wealth gap. He asserts that “the American political system has been transformed from a republic to a plutocracy,” where the wealthiest individuals have disproportionate influence over political decisions.
Another central theme in the book is how the growing wealth gap leads to political instability and corruption. Phillips claims that the elite’s ability to “manipulate the political system” creates a scenario where the government serves the interests of the few rather than the majority. This, he argues, undermines the democratic principles of equality and fair representation, leading to increased public dissatisfaction. He warns that “a plutocratic elite that controls wealth can prevent the functioning of a true democracy.”
Phillips also emphasizes the role of corporate power in shaping U.S. politics. He critiques the rise of multinational corporations and the increasing merger of business interests with political decision-making. He notes that “the economic power of corporations…has often drowned out the voices of ordinary citizens,” leading to policies that favor business interests over those of the public.
Lastly, Phillips discusses the social and economic consequences of the concentration of wealth, highlighting how it creates an environment of inequality that affects everything from education to healthcare. He argues that “wealth inequality exacerbates social tensions” and creates barriers for many Americans to achieve the American Dream. In his view, the growing economic divide poses a serious threat to the future of American democracy.
In conclusion, Wealth and Democracy provides a comprehensive analysis of how wealth and political power have been intertwined throughout American history. Phillips argues that the increasing concentration of wealth threatens democratic values and political stability, warning that unless the system is reformed, the United States may face greater social and political unrest. Through his historical insights and critical perspective, Phillips urges readers to recognize the dangers posed by extreme wealth inequality and its implications for democracy.
Evaluation of Wealth and Democracy by Kevin Phillips
Wealth and Democracy by Kevin Phillips is an ambitious attempt to analyze the intersection of wealth and politics in the United States, specifically focusing on how the concentration of wealth has undermined democratic principles. Phillips sets out to illuminate the growing economic inequality and the political consequences of a society increasingly controlled by the rich.
Achievement of the Book’s Goal
Phillips largely succeeds in achieving his goal of highlighting the dangers posed by concentrated wealth to American democracy. The book provides an in-depth, historical analysis, exploring how wealth has shaped U.S. politics from the founding of the nation to the modern day. Phillips effectively argues that the rich have consistently used their influence to further entrench their power, often at the expense of broader democratic participation. His detailed examination of different historical periods—such as the Gilded Age and the rise of corporate power—adds weight to his central thesis that American democracy is at risk due to the concentration of wealth.
Possibilities Suggested by the Book
One of the possibilities suggested by Phillips’s work is the potential for reforming the U.S. political system to address this wealth inequality. By illustrating how economic power has become a barrier to true democracy, Phillips implies that policies aimed at reducing the wealth gap—such as progressive taxation or campaign finance reform—could restore a more balanced political system. He also suggests that if the American public becomes more aware of the consequences of wealth concentration, there could be greater political activism and pushback against the elite’s control over the system.
What the Book Has Left Out
While Phillips provides a thorough historical analysis of wealth and democracy, there are areas the book leaves unexplored. For example, Phillips focuses heavily on the influence of wealthy individuals and corporations, but does not delve as deeply into the potential role of the global economy and international financial institutions in shaping American politics. The rise of global trade, multinational corporations, and the financialization of the economy have become major factors in wealth concentration in recent decades, and Phillips could have expanded on how these global forces further exacerbate inequality in the U.S. Additionally, while Phillips criticizes the influence of the wealthy on political decisions, there is limited exploration of the potential role of grassroots movements or alternative models of democracy that could counterbalance elite influence.
Comparison to Other Books on the Subject
Wealth and Democracy stands out in its thorough historical perspective. While other books—like Thomas Piketty’s Capital in the Twenty-First Century2—focus on the economic dynamics of wealth inequality, Phillips’s book offers a unique blend of political history and critique. Phillips’s focus on the history of wealth’s political influence gives readers a broader context for understanding modern inequality. However, compared to works like The New Jim Crow by Michelle Alexander3, which offers a deep dive into racial inequality and the political system, Phillips’s work could be seen as too narrowly focused on wealth, without sufficiently addressing the intersectionality of race, class, and democracy.
Specific Points That Are Not Convincing
Some aspects of Phillips’s argument are not entirely convincing. While he makes a strong case about the ways in which wealth influences political decisions, his portrayal of American history sometimes oversimplifies complex relationships. For example, his treatment of the Gilded Age might give the impression that wealth inequality was the sole factor responsible for political corruption, without sufficiently exploring the influence of other factors like race, immigration, or labor movements at the time. Additionally, while Phillips critiques the political influence of corporations and the wealthy, he does not fully address the possibility that some degree of wealth concentration might be inevitable in a capitalist society, leaving the impression that he sees the issue as more absolute than it might be in practice.
Personal Experiences Related to the Subject
From a personal perspective, Wealth and Democracy resonates strongly with experiences of witnessing the growing wealth gap in modern society. For example, the increasing influence of corporate money in politics is a visible issue, with the 2010 Citizens United4 Supreme Court decision allowing unlimited spending by corporations in political campaigns. This decision reinforced Phillips’s argument about the ways in which wealth influences the democratic process, and it underscores the relevance of his analysis in today’s political climate. Additionally, the book touches on the struggles faced by ordinary citizens to participate in a political system increasingly shaped by wealthy elites. This has been evident in my own experiences of seeing how economic privilege often translates to greater political power, whether through campaign contributions, lobbying, or access to policymakers.
Conclusion: Overall, Wealth and Democracy is a compelling and thought-provoking book that successfully underscores the dangers of extreme wealth inequality in the U.S. Phillips achieves his goal of showing how the concentration of wealth threatens democratic ideals, and his historical analysis provides important insights into the political and economic structures that perpetuate inequality. However, the book could have benefitted from a deeper exploration of global forces and a more nuanced discussion of the complexities within the history of wealth’s political influence. Despite these gaps, Wealth and Democracy remains an important contribution to the conversation about wealth and power in America, offering a valuable perspective for anyone interested in the future of democracy and equality in the U.S.
References
1. Gilded Age: The period from the late 1870s to the late 1890s, which occurred between the Reconstruction Era and the Progressive Era.
2. Capital in the Twenty-First Century by Thomas Piketty: A book written by French economist Thomas Piketty, focusing on wealth and income inequality in Europe and the United States since the 18th century.
3. The New Jim Crow by Michelle Alexander: A book that discusses race-related issues specific to African-American males and mass incarceration in the United States, as well as other minorities and socio-economically disadvantaged populations.
4. Citizens United: The 2010 Supreme Court decision that further tilted political influence toward donors and corporations.